The cryptocurrency market is navigating a correction, with leading assets experiencing a pullback following recent gains.
Bitcoin (BTC) is trading at $102,584.12, down 0.27% over the past 24 hours, while still maintaining a 2.77% gain over the past week.
Ethereum (ETH) has declined to $3,141.78, reflecting the overall bearish sentiment.
Other major altcoins, including Cardano (ADA) and XRP, have also recorded minor losses.
ADA is currently priced at $0.9424, reflecting a 1.13% daily drop, though it remains up 5.47% over the past week.
This dip in prices coincides with profit-taking and uncertainty in the broader financial markets.
Bitcoin’s failure to hold above key resistance levels has added to selling pressure, which has subsequently impacted altcoins like ADA.
With traders looking for support levels, the outlook for Cardano hinges on whether it can hold key technical zones and reverse its recent slide.
The current price action suggests that investors remain cautious, with volume levels fluctuating as market participants assess the next move.
ADA stuck in a price range
Cardano has been trading within a well-defined range, with strong support around $0.83, corresponding to the 50% Fibonacci retracement level.
This zone has been tested multiple times and remains a key area where buyers step in.
However, upside momentum has been limited, with ADA struggling to break through a crucial resistance zone between $1.13 and $1.23, often referred to as the “golden pocket” in Fibonacci retracement analysis.
The altcoin has formed a pattern of higher lows and higher highs, suggesting a bullish structure remains intact on the weekly chart.
The lack of sustained momentum above resistance has left the price trapped in a sideways movement between $0.83 and $1.20.
Traders remain cautious, waiting for a definitive breakout in either direction.
A decisive move above $1.23 could fuel a rally, but failure to sustain gains might lead to prolonged consolidation or further downside pressure.
If Cardano manages to push past $1.23, the next target range extends to $1.70–$1.76, aligning with the next major Fibonacci resistance zone.
On the downside, a failure to hold support at $0.83 could lead to a deeper retracement, with the next key support level near $0.75.
Technical indicators suggest that ADA’s relative strength index (RSI) is neutral, indicating that neither buyers nor sellers currently have a decisive advantage.
Bitcoin’s impact on ADA
Bitcoin’s movements continue to dictate the broader cryptocurrency market, and ADA remains heavily influenced by BTC’s price action.
Any significant breakout or breakdown in Bitcoin could trigger similar moves in Cardano.
If BTC reclaims momentum and surpasses key resistance levels, ADA may find the strength to overcome its current barriers.
Conversely, continued weakness in Bitcoin could place additional selling pressure on ADA and other altcoins.
With market sentiment shifting between bullish optimism and risk aversion, traders are closely monitoring macroeconomic factors, regulatory developments, and institutional interest in cryptocurrencies.
As the market consolidates, ADA’s price trajectory will depend on whether buying pressure can overcome key resistance levels or if sellers regain control.
If bearish sentiment intensifies, the altcoin could remain under pressure, forcing investors to reassess their short-term strategies.
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