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Crypto Potato 2025-01-12 17:49:34

Cardano Price Analysis: ADA Must Break This Barrier to Target $1.30

Cardano is consolidating within a critical price range, signaling a phase of market indecision. However, a substantial support zone at lower levels offers the potential for a bullish rebound, especially if a breakout materializes in the coming sessions. Technical Analysis By Shayan The Daily Chart Cardano recently encountered significant selling pressure near the $1.3 resistance, resulting in a sharp rejection and reinforcing the presence of strong sellers at this level. The asset has since consolidated within a descending wedge pattern, bounded by the $0.8-$1.3 range. Despite the failure to reclaim the $1.3 level, Cardano benefits from robust support at $0.8, which aligns with the following: The 100-day moving average. A key pivot point from prior price action. This suggests that the current price action is likely a corrective pullback to retest the $0.8 region. A breakout above the descending wedge could pave the way for a fresh rally, targeting the $1.3 resistance and potentially initiating a mid-term uptrend. The 4-Hour Chart In the 4-hour timeframe, ADA recently surged from the wedge’s lower boundary ($0.75) and managed to break above the upper trendline of the wedge pattern. Following this breakout, the price has retraced toward the broken trendline, forming a bullish pullback that confirms the breakout’s validity. The price is now oscillating within a critical range, bounded by the 0.5 Fibonacci level ($0.8) as support and the $1.3 resistance region as the next major barrier. A valid breakout above the current consolidation range is essential for Cardano to establish its next trend direction. A bullish breakout could lead to a sustained surge, while failing to hold the $0.8 support may result in further declines. The post Cardano Price Analysis: ADA Must Break This Barrier to Target $1.30 appeared first on CryptoPotato .