Cardano (ADA) at a crossroads with the Fibonacci level indicating a possible decrease to $ 0.42
Market prices in Cardano (ADA) increased by more than 3 % on Friday, amid a general wave in the encryption market. However, this simple height only follows the negative performance earlier earlier a week. It is worth noting that the famous encryption analyst Ali Martinez assumes that the largest encrypted currency of the ninth can suffer from more severe market losses if some technical support fails to keep it.
Cardano’s critical support lounge may lead to a 36 % decrease
in Modern job In X, Martinez shares a warning view of the current ADA market structure that alludes to a possible decrease in the price. Based on the decline in Fibonacci, Martinez’s analysis indicates that Cardano is still trading near the vital support zone despite the recent gains.
Fibonacci’s decline levels are commonly used horizontal lines to determine potential support and resistance areas. It is based on the Fibonacci sequence and is widely used to expect low price, profit, monotheism or reflection.
Looking at the graph below, ADA is currently trading at $ 0.66 which is a little higher than the RERECting level by 50 % in Fibonacci at $ 0.63 – a price zone that has been a flexible support level in recent weeks. Ali Martinez warns that the daily closure to less than $ 0.63 will indicate a decreased transformation in the market control at this level, which paves the way for another decline.
In this case, Cardano can decrease to test the next important support at the level of Fibonacci, by 61.8 %, about $ 0.53. If the sale pressure prevails in this region, the ADA prices may slip to $ 0.42, representing the level of re -obstetrics 78.6 %.
What after Ada?
Cardano has struggled to maintain a long ups off after reaching a local peak of $ 1.30 in early December 2024. Since then, ADA prices have been in a corrective phase alongside the broader encryption market.
For Ada Bulls, defending the price level of $ 0.63 is necessary to maintain any valid rising forecasts. However, the successful restoration of prices from 0.78 to $ 0.80 would indicate the high prices and market bounce of Altcoin.
At the time of writing this report, Cardano is trading $ 0.66 as mentioned previously. Amid recent gains, ADA has decreased by 5.00 % on the weekly chart and 33.58 % on the monthly graph that reflects the impact of the tyranny in recent weeks.
Meanwhile, the daily trading volume has gained 19.56 % over the past 24 hours, indicating an increase in the interest of the market. This development indicates that the last prices may be sustainable due to a strong condemnation among buyers.
