Key Insights:
- ADA holds near $0.782 support; breakdown may activate target move toward the $0.731 zone.
- The descending channel remains intact with resistance at $0.814 and $0.8244 limiting upside movement.
- Fibonacci levels at $0.731 and $0.713 may act as support if $0.782 fails to hold.
Cardano (ADA) was trading around $0.7842, with price action sitting just above a key support zone at $0.782. A drop below this level would mark a shift in structure, potentially activating a move toward $0.731. This level aligns with the 1.0 Fibonacci extension, often used to map wave-based downside targets.
The scenario holding this structure intact remains in play, but pressure is increasing. The chart shows price stalling near horizontal support, and the range is narrowing. For now, $0.782 continues to act as a pivot. A close below it may change the short-term direction.
Price Moves Within Defined Channel
The 1-hour ADA/USDT chart shows price action moving inside a descending channel. Two parallel trendlines have been respected since late last week. ADA recently bounced off the lower trendline near $0.7879. This suggests the channel remains active and is being watched for trade setups.
Resistance on the upside sits near $0.814 and $0.8244. These levels also correspond with prior rejections and the top of the current range. A close above the upper boundary would challenge the current trend and open room for short-term recovery.
Lower Zones Map Next Steps
If ADA breaks below $0.782, the next area of interest is $0.731. This level is supported by previous price structure and Fibonacci confluence. Further downside, if sustained, could bring ADA toward the $0.713 to $0.700 range, which held in early September and saw buyers return.
Levels around $0.747 to $0.718 also remain mapped as secondary support zones. These zones would only become active in the event of a breakdown below the current structure.
Short-Term Range at Risk
Momentum indicators show mixed signals. On the lower timeframes, RSI is nearing oversold, suggesting limited room for sellers to push further without a bounce. Still, there is no confirmed shift in trend at this point.
As noted by Man of Bitcoin,
“A drop below $0.782 would signal that the yellow scenario is in play,” though he added, “the floor is starting to creak.”
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