Cardano’s price experienced a notable drop from the 0.653 resistance level—currently, ADAUSD hovers near the 0.6351 pivot point. A hammer candlestick pattern emerged in the daily chart at this pivot, hinting at a potential halt to the recent downturn.
Cardano Technical Analysis – Key Levels
For deeper insights, we turn to the 4-hour chart. Here, ADAUSD breached the 61.8% Fibonacci retracement level. The next downward target looms at the 78.6% Fibonacci level, with the pair in a bearish flag pattern.
However, there’s a twist. Should the bulls break free from this bearish flag and secure the price above the 50% Fibonacci mark, Cardano could reignite its ascent. Initial targets? A climb to 0.646, with eyes on the November high of 0.652.
Stay tuned for more updates on ADAUSD’s dynamic journey with FxNews.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
