Cardano Soars Past $1, Bucking The Broader Market Trend

Quick Summary:

Related Reading: On-Chain Metrics Reveal Cardano Whales Are Buying The Dip’ – Details Subsequently, ADA surpassed the 0.50 Fib ($1.04), and this level may now act as immediate support on any minor pullbacks.The 0.618 Fib ($1.11) is the next key hurdle if bullish momentum persists, with the 0.786 Fib ($1.20) and the 1.0 Fib ($1.3282) potentially coming into play if the rally extends into the near-to-mid term.

Supporting the bullish narrative, Fibonacci retracement levels anchored at the December 2 high ($1.32) and December 20 low ($0.76) reveal a constructive technical backdrop.The 0.236 Fib at $0.89 served as a launching pad once the trendline break was confirmed, while the 0.382 Fib ($0.97) initially rejected prices on January 2, before later giving way to further upside.

Cardano Price Analysis On January 1, ADA/USDT decisively broke out of a multi-week downward trendline that originated at the December 2 high near $1.32.

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Author / Journalist: Jake Simmons

Category: Crypto

Markets: United KingdomAustria

Topics: Crypto news ADA price ADA news ADA Cardano news Cardano price Cardano

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Published On: 2025-01-03 @ 20:30:05 (2 weeks ago)

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