ADA at the Crossroads: Will $1.12 Spark a Bullish Surge?

Cardano (ADA) is currently navigating a pivotal price range near $1.12, which serves as a significant intraday resistance level. The market is displaying signs of potential directional movement, with buyers and sellers poised to define the next critical phase.

A pullback toward $1.016, followed by a decisive bounce, or a direct bullish breakout of $1.12 could reaffirm bullish sentiment, setting the stage for a climb toward the next major resistance zone at $1.267. Such a move would signal renewed optimism among market participants, offering opportunities for upward momentum (Solid Green Projection).
Conversely, failure to break above $1.12 might hint at underlying weakness, increasing the probability of a descent toward the $1.016 support zone (Dashed Green Projection).
A breach below this level could signal the start of a more pronounced downward trend, with the next major support at $0.869 potentially coming into focus (Red Projection).

Note

No change for Cardano as it is still consolidating in the range zone where we continue to see slow and choppy price action.

Note

ADA is following Scenario 2 (Dashed Green Projection) and is currently retesting the $1.016 level. A bullish bounce from this point is crucial; otherwise, bears could take control and push Cardano down to the $0.869 zone.

Note

ADA has reached $0.869, aligning perfectly with the bearish scenario projected earlier this week (red projection). A reversal from this level seems probable, as we see multiple 4-Hour candles rejecting this level. Monitor the price action carefully at this critical price location for a possible rebound.

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