CandleFocus

Cardano Price Analysis: New ADA Rally to $1 Soon?

Author: Content Editor
Cardano recently faced selling pressure and a rejection at the $1.3 resistance level, resulting in a decline in price. However, the price has now reached a critical support level at $0.8, indicating the potential for a bullish consolidation phase in the mid-term. The price range between $0.8 and $1.3 is considered a crucial consolidation zone, with buyers expected to defend the $0.8 threshold. A bullish retracement phase towards the $1.3 mark is anticipated. The correction in price is seen as a typical behavior in a healthy bullish trend, allowing for profit-taking and market stabilization. Cardano's price has landed within a strong support region and with substantial support, it could soon resume its upward trajectory.

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