Cardano Rejects $1, Eyes $0.80 Support and $1 Resistance
Cardano price pulled back sharply after failing to break the key $1 resistance. ADA is now consolidating between immediate resistance at $0.8475 and support in the $0.80–$0.81 zone (near the 50-day SMA). A successful breach of $0.8475 could trigger tests of $0.90 and $1.00, while a breakdown below $0.80 may send Cardano price down to $0.72 (the 200-day SMA) or even $0.62 and $0.55 in an accelerated sell-off. The RSI stands at 48.35, indicating neutral to bearish momentum. ADA’s performance remains highly correlated with Bitcoin (BTC), making BTC’s next move critical for Cardano price direction. Traders should monitor these key ADA levels and Bitcoin’s trend to gauge potential rebounds toward $1.20 or deeper corrections.
Neutral
We classify the impact as neutral because Cardano price is consolidating between clear support and resistance after the $1 rejection. The RSI near 48 suggests a lack of strong directional bias. Historically, ADA mirrors Bitcoin’s moves; a stable or bullish BTC could lift ADA, while a BTC sell-off would drag ADA lower. In the short term, traders may await a decisive break above $0.85 or below $0.80 before committing. Over the long term, Cardano’s solid fundamentals mean a breakout above $1 would be bullish, but failure to hold key support risks deeper corrections.