ADA Technical Analysis

Get insights into Cardano's recent movements after breaking its ascending trend line and testing major support at the daily Fibonacci zero zone. ADA has risen and is now precisely at a key support area. Watch for price stabilization, as failure could lead to a return towards the lower support, especially with a nearing completion of a bearish pattern.

1/15/20241 min read

Cardano analysis - Ascending trend line break, testing major support at daily Fibonacci zero zone, k
Cardano analysis - Ascending trend line break, testing major support at daily Fibonacci zero zone, k

After breaking its ascending trend line, Cardano tested its major support at the daily Fibonacci zero zone.

• Subsequently, ADA rose and is currently positioned precisely at its key support area.

• Should the price fail to stabilize above this support, especially with the bearish pattern nearing completion, a return towards the lower support is anticipated.