Cardano Falters at $1: Bulls Eye Key Resistance Zone
Cardano’s price briefly reached $1 in mid-August but failed to hold, retreating below the key level. Bulls attempted multiple breakouts, stalling at the $0.90–$0.99 resistance range. A macro sell-off early this week triggered long-liquidations, pushing Cardano down to $0.8215. The token then rebounded to $0.9415 after Fed Chair Powell signaled that rate cuts may not await perfect inflation data. Technical indicators show the daily RSI flipping positive, offering a mild bullish bias. However, Cardano faces strong resistance near $0.93–$0.99. A decisive move above $1 requires substantial buying pressure, while support lies at the 50-day SMA around $0.79. Traders should monitor the resistance zone and macro updates for potential triggers.
Neutral
The article highlights a near-term rebound driven by a Fed signal but underscores repeated failures at the $0.93–$0.99 resistance range. Technicals like the RSI offer a mild bullish bias, yet Cardano’s inability to hold $1 echoes past stalled rallies. The mixed signals—short-term pump versus strong resistance—suggest consolidation ahead rather than a clear trend. Historically, similar breakouts on major resistance zones required significant buying volume and positive macro catalysts. In the short term, traders should brace for sideways movement. Long term, a confirmed close above $1 could spark a bullish leg, but until then, market sentiment remains balanced.