- Cardano price trades above 0.618 Fib level at $0.785, signaling strong bullish support zone.
- Price remains inside an ascending channel since mid-June, confirming a bullish trend.
- Break above $0.88 could open a path toward $0.96 and $1.01, aligning with Fibonacci extensions.
Cardano price stands at one of the critical technical points, clinging to the 0.618 Fibonacci support, in an upward price channel. This zone has been known to cause serious bullish reversals and the current price behavior indicates that momentum is beginning to build. ADA also has the prospects of an extended upward pattern, as targets ($0.96), ($1.01) and ($1.23) all line up and have a clear structure and higher bottoms that have been maintained.
Cardano Price Eyes $1.00 as Bulls Defend Rising Channel Support
The price of Cardano is now trading at approximately 0.824 which is close to the lower side of a clearly established increasing channel in the 4-hour chart. It is also coincidental with the Fibonacci retracement level that stands at $0.618 (approx. $0.785), which is a strong confluence support.
The price formation is bullish in the sense that the highs and lows are increasing. The recent pullback is perhaps a correction action in the larger uptrend. ADA price is expected to reverse bullishly in case it remains above this significant support zone ($0.78-$0.84).
There are two possible scenarios. In the initial case, ADA bounces off the existing levels, retests at $0.88, and breaks through to test $0.96, which corresponds to the mid-line of the channel. An extension move might hit at least $1.01, and then possibly extend to $1.23, the $1.272 Fibonacci extension, a complete bullish breakout.
In the latter case, ADA can fluctuate between a short-term minimum of $0.76 and an increase. The bullish structure will persist as long as the price does not go out of the upward-sloping channel.
The most important resistance levels to observe are as follows: $0.88, $0.96, $1.01, and $1.23. Any break below $0.76 would negate the existing structure and may cause the price to fall further to $0.72 or below.
ADA price is at a critical support point, and there is a high-probability setup of a bullish continuation should buyers be able to protect this zone. The technical structure is biased towards upside provided that the uptrending channel holds.
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