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Cardano (ADA) has dipped below the crucial $1 level and is down by more than seven percent in the last 24 hours. ADA had recently come across a major resistance at the golden pocket area, which is positioned between $1.12 and $1.23. This range has been a focal point on the weekly time frame, where Cardano is currently struggling to break through.
The price action after the breakout above the 50% retracement level around $0.82 to $0.83 was expected to push toward this golden pocket, and we are now seeing that resistance play out.
According to analyst Josh of Crypto World, this golden pocket is a critical Fibonacci zone that typically marks strong resistance. Cardano’s rejection from this area is not unexpected, and it’s likely that the price will continue to face resistance here in the short term. However, if Cardano manages to break above this zone, the next target would be the 78.6% Fibonacci level, which is located around $0.76.
Short-Term Price Action and Support Levels
In the short term, as expected, Cardano has faced a pullback after reaching its flag pole price target for the bullish continuation pattern. The price has started to correct. One of the key support levels which is currently acting as support around $0.97. If the price dips below this, the next support level is found at the 50% retracement, around $0.94. Additionally, there’s a short-term golden pocket support zone between $0.88 and $0.90.
If Cardano breaks below this golden pocket, the next support levels to monitor are at $0.84 and between $0.76 and $0.77. These areas are crucial as potential bounce zones, similar to price action observed in the past few days.
Resistance Levels to Watch
On the upside, Cardano will likely face resistance around $1.15 to $1.17, with the strongest resistance still at the golden pocket zone on the weekly chart. This area remains the major hurdle for any bullish continuation, and a successful breakout above this range could mean a further upward move.