New ADA Rally to $1 Soon?

Cardano encountered significant selling pressure after a certain rejection at the $1.3 defense sector, which led to a significant decline.

However, the price has now reached a critical support level, suggesting a potential bullish consolidation level in the medium term.

Technical Analysis

Published by Shayan

The Daily Chart

Cardano recently failed to break the large $1.3 protection zone due to higher selling pressure, driven mainly by participants taking advantage of the spread level and opening short positions.

This rejection led to a decline, with the price finding support at the critical $0.8 level, where a bullish rebound has already taken place.

The price range between $0.8 and $1.3 represents a critical consolidation zone, with buyers likely to defend the $0.8 threshold.

A bullish trend rate towards the $1.3 mark is expected over the medium term.

ada_price_card_2312241 — Source: TradingView

The 4-Hour Schedule

The rejection at $1.3 is visible on the 4-hour chart, where heavy selling activity pushed the price down.

This correction aligns with the normal behavior of a healthy healthy movement, allowing profit taking and market stability. The price of Cardano has landed within a strong support sector, defined by the 0.5 ($0.8) – 0.618 ($0.7) Fibonacci levels.

This area is expected to be a strong defense, preventing further decline. There is likely to be a bullish rebound and consolidation level towards the $1.3 mark in the medium term. With significant support, Cardano could soon resume its upward trajectory, reinforcing strong sentiment.