The cryptocurrency market moves in a correction, as it suffers from the leading assets in decline after the recent gains.
Bitcoin (BTC) is trading at 102,584.12 dollars, a decrease of 0.27 % over the past 24 hours, while maintaining a 2.77 % profit over the past week.
ETHEREUM (ETH) decreased to $ 3,141.78, which reflects the total downward feelings.
Other major altcoins, including Cardano (ADA) and XRP, have also recorded slight losses.
The ADA price is currently $ 0.9424, which reflects a daily decrease of 1.13 %, although it remains 5.47 % during the past week.
This decrease in prices coincides with the achievement of profits and uncertainty in the wider financial markets.
Bitcoin’s failure to retain the main resistance levels added to the sale of pressure, which later affected Altcoins like ADA.
With traders searching for support levels, Outlook for Cardano stops whether she can keep major technical areas and reverse their last segment.
The current price procedure indicates that investors remain careful, as they fluctuate the levels of size, while participating in the market evaluates the next step.
Ada stuck in the price range
Cardano was traded within a well -specific range, with a strong support of about $ 0.83, which corresponds to the level of Fibonacci tradition by 50 %.
This area has been tested several times and remains a major area where buyers enter.
However, the bullish momentum was limited, as Ada struggled to penetrate a decisive resistance area ranging from $ 1.13 and $ 1.23, and is often referred to as “the golden pocket” in an analysis of the reformulation of Fibonacci.
Altcoin has formed a pattern of the lowest highest levels and higher levels, indicating that an upward structure is still sound on the weekly graph.
The lack of constant momentum over the resistance has left the price trapped in a side movement ranging from $ 0.83 and $ 1.20.
Traders remain cautious, waiting for a final outbreak in either direction.
The crucial step of more than $ 1.23 may condemn a march, but failure to maintain gains may lead to long unification or additional negative pressure.
If Cardano managed to exceed $ 1.23, the next target range extends to $ 1.70 – $ 1.76, parallel to the next major Fibonacci resistance area.
On the negative side, failure to get support at $ 0.83 can lead to a deeper decline, with the next main support level near $ 0.75.
Technical indicators indicate that the ADA (RSI) relative index (RSI) is neutral, indicating that buyers or sellers currently do not have a decisive feature.
Bitcoin effect on Ada
Bitcoin moves continue to dictate the broader cryptocurrency market, and ADA is still strongly affected by BTC price currencies.
Any outbreak or major collapse in bitcoin can lead to similar moves in Kardano.
If BTC regains momentum and outperforms the main resistance levels, ADA may find the power to overcome its current barriers.
On the contrary, the constant weakness in Bitcoin can be additional sale pressure on ADA and other altcoins.
With the transformation of market morale between upward optimism and risk alienation, traders closely monitor the factors of macroeconomic economics, organizational developments and institutional interest in encrypted currencies.
With the standardization of the market, the ADA price track depends on whether the purchase pressure can overcome the main resistance levels or if the sellers regain control.
If the emotional feelings are intensified, Altcoin may remain under pressure, forcing investors to reassess their short -term strategies.
Postcard Prices Cardano: Can ADA $ 1 exceed? First appeared on Invezz
