Cardano (ADA) Price Prediction: ADA/USD to Retest the $1.3 Resistance Zone

Cardano encountered significant selling pressure following a notable rejection at the $1.3 resistance region, resulting in a sharp decline.

Cardano price is encountering significant selling pressure following a notable rejection at the $1.3 resistance region.

This rejection led to a decline, with the price finding support at the crucial $0.8 level, suggesting the potential for a bullish consolidation phase in the mid-term.

On the Daily Chart, Cardano failed to break through the substantial $1.3 resistance zone due to heightened selling pressure.

This selling pressure is attributed mainly to participants capitalizing on the distribution phase and engaging in open short positions.

The rejection at this zone sparked a decline, but the price has since found support at the crucial $0.8 threshold, where a bullish rebound has already occurred.

The price range between $0.8 and $1.3 is a critical consolidation zone, with buyers likely defending the $0.8 mark due to the Fib support and sellers capitalizing on the Fib resistance at $1.3.

A bullish retracement phase toward the $1.3 mark is anticipated over the mid-term.

On the 4-Hour Chart, the rejection at $1.3 is evident, with substantial selling activity pushing the price downward.

This correction aligns with the typical behavior of a healthy bullish trend, facilitating profit-taking and market stabilization.

Cardano’s price has landed within a robust support region, defined by the 0.5 ($0.8) – 0.618 ($0.7) Fibonacci levels.

This area is expected to be a strong defense, preventing further declines. A bullish rebound and consolidation phase toward the $1.3 mark appears likely in the mid-term.

With substantial support holding, Cardano could soon resume its upward trajectory, reinforcing the bullish sentiment.