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- Cardano consolidates at $0.6626 above key support, with upside targets at $1.0463, $1.2145, and $1.3984.
- RSI at 40.10 signals neutral market, while MACD shows weakening bearish momentum for potential reversal.
- Price movement above $0.58–$0.61 support zone is crucial for Cardano’s next move, either upward or further decline.
Cardano (ADA) is at $0.6626, maintaining its presence above a key support zone that is defined by the 0.786 Fibonacci retracement point. In the past, the level tended to serve as an important turning point. Analyst Rose Premium Signals highlighted that traders are closely monitoring the price movements because Cardano is currently confined within a narrow range. During this phase, the cryptocurrency may experience another decline or begin to recover, making its future path very important.
If Cardano moves past its current resistance, the analyst has placed upside targets for the coin. The first resistance is at $1.0463, then there is resistance at $1.2145, and finally $1.3984. These points show major barriers that Cardano will have to overcome to move higher. However, the zone between $0.58 and $0.61 is still a key support area for the asset. When the position falls below this area, the chances for a bullish turnover decrease, and the price may go down further.
Source: X
Whether Cardano will go up or down next will depend on how long it can keep prices above $0.58 and $0.61. If Cardano continues above this point, upward movement could start to happen. If support is not maintained, further losses may occur. Any movement over these levels is being watched by traders, as it might lead to important changes in the price.
Cardano Market Sentiment
The RSI value for Cardano is 40.10 at the moment, showing the market is neutral. This reading shows that the cryptocurrency is neither showing signs of being overbought nor of being oversold. An RSI below 30 usually shows that the market is oversold, but an RSI above 70 suggests the market is overbought. Currently, the market appears to be maintaining its current position, with no clear direction evident. Buying momentum may move the RSI higher, which could lead to a reversal.
The MACD indicator is suggesting that Cardano’s bearish momentum is decreasing. Currently, the MACD line stands at -0.0081, and the signal line is at -0.0147. They suggest that, although the trend is negative, the rate of decline is slowing. If the bearish impact is easing and the MACD becomes positive, it increases the chances that the price trend will change. Traders often use a crossover of the MACD and the signal line to confirm if the market’s mood is changing.
Cardano is approaching an important point in its development. RSI and MACD signals that bearish momentum is diminishing, yet the cryptocurrency’s recovery will depend on whether it defends its key support area. ADA’s price movement over the next few days could shape its future price.
