Cardano (ADA) has recently encountered resistance at $1.2046, a point reached after a significant surge from $0.4322 to $1.32 within a month. This rally nudged ADA into overbought territory, as indicated by its RSI peaking at 82.87, and has been followed by a period of correction, with the price now consolidating around $0.912.
Despite this consolidation, the overall sentiment towards ADA remains positive, supported by recent buying volumes and technical analysis. Analysts suggest a crucial support level at $0.43, which must hold to keep the bullish outlook alive. Breaking below this level could signal a deeper correction, while maintaining it could pave the way for ADA to challenge its all-time high of $3.09.
In essence, Cardano’s performance in the near term hinges on overcoming current resistance levels. If successful, the cryptocurrency is well-positioned to achieve new heights, underlining the volatile yet optimistic nature of the crypto market.
