TLDR
- Cardano price surged over 20% this week despite recent bearish pressure.
- The price faced strong resistance near the $1.020 level and started to decline.
- Cardano broke below the $0.950 and $0.920 support levels during the correction.
- The price is now trading under $0.90 and the 100-hourly simple moving average.
- A bearish trend line has formed with resistance near the $0.940 level.
Cardano price has rallied over 20% this week even as it faces resistance above $1.00. The price recently corrected sharply, causing fresh concerns about a deeper pullback. However, analysts remain confident and set their sights on a long-term $10 target.
Cardano Price Faces Resistance After Hitting $1.020
Cardano price crashes began after the asset touched the $1.020 zone. The move triggered selling pressure similar to Bitcoin and Ethereum declines. ADA broke key support levels at $0.950 and $0.920 in the process.
Sellers forced a decline below the $0.90 level, weakening the short-term bullish outlook. The 50% Fib retracement of the recent rally from $0.7650 to $1.020 failed to hold. Moreover, a bearish trend line formed with resistance near $0.940 on the hourly chart.
- Source- ADAUSD on TradingView.com
Currently, Cardano price crashes continue as it trades below $0.90 and the 100-hourly simple moving average. Immediate upside hurdles lie at $0.880 and $0.8920. A break above $0.940 could initiate a new rally toward $1.00 and even $1.050.
Downside Risks Remain Below Key Support Levels
If Cardano price crashes fail to rebound above $0.940, another leg down appears likely. Immediate support stands at $0.840, which may see short-term buying. Below that, the $0.8250 level acts as the next strong support zone.
The $0.8250 mark also aligns with the 76.4% Fib retracement of the recent upward wave. A break below that could lead ADA toward $0.80 in the near term. If momentum continues, bears may attempt to target $0.780.
Traders are watching these levels closely as sentiment hinges on reclaiming $0.940. If bullish volume returns, a breakout above this resistance could signal renewed strength. Until then, Cardano price crashes pose near-term risks despite weekly gains.
Analysts Maintain $10 Long-Term Target
Despite current volatility, analysts maintain an optimistic long-term view. “The structure remains bullish if ADA holds above $0.780,” said one market strategist. They emphasized that macro support zones remain intact.
This week’s 20% gain has reignited interest in Cardano despite recent setbacks. The correction may be a healthy retest before the next rally phase. Analysts argue that long-term accumulation continues near current levels.
While Cardano price crashes attract attention, the broader outlook remains positive. A confirmed breakout above $1.00 could pave the way for further upside. Many continue to eye the $10 psychological level as a midterm target.
