The Cardano price is at a critical juncture, with key Fibonacci levels determining potential bullish or bearish movement.
Cardano (ADA) currently changes hands at $0.4258, showing a 2.2% decline in the last 24 hours. The 24-hour trading range for ADA is between $0.4401 and $0.4255. Meanwhile, its market cap stands at $15.61 billion, with a circulating supply is 36.64 billion ADA.
Over the past 7 days, Cardano has experienced a 9.4% gain, while the 14-day performance shows a modest 1.8% increase. This indicates that, while ADA experiences some short-term recovery, its long-term performance has been struggling. Investors are now closely watching the next price movements to assess whether the recovery can be sustained.
Where’s Cardano Headed?
On the technical end, a daily TradingView chart for ADA reveals a Fibonacci retracement pattern that highlights key support and resistance levels. Currently, ADA is trading at $0.425, with the 0.236 retracement level at $0.43594 acting as the immediate resistance. This level marks the upper boundary of recent price action. Notably, if the price breaks above it, ADA could potentially aim for the 0 Fib retracement at $0.456.
On the downside, the 0.5 level at $0.4136 serves as an immediate support zone, which could provide buying pressure if the price retraces further. The 0.618 level at $0.4037 is a stronger support level, representing a deeper retracement in case of a larger correction.
The RSI (Relative Strength Index) is currently at 42.46, which indicates that ADA is neither in overbought nor oversold territory. This suggests a neutral momentum, with potential for further movement either way depending on broader market conditions.
Ultimately, a break above $0.4359 could trigger a bullish move, while a decline below $0.4136 might indicate a bearish trend, targeting lower levels around $0.4036.
ADA Liquidation Data
Elsewhere, the liquidation data for Cardano reveals significant volatility in the market over the last few hours. In the past 4 hours, $13.06K in liquidations occurred, with $11.68K from long positions and $1.38K from short positions.
Meanwhile, over a 12-hour period, $182.52K in total liquidations were recorded, with a strong dominance from long positions at $180.27K, indicating a bearish market shift or price correction.
Further, the 24-hour liquidation data shows $485.74K in total liquidations, where $358.53K came from long positions, reflecting continued pressure on traders holding long positions amid the fluctuating market.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
