The cryptocurrency market is currently facing a downturn, with major coins experiencing price declines. Bitcoin (BTC) is trading at $102,584.12, showing a slight drop of 0.27% in the past 24 hours but a solid 2.77% increase over the past week. Ethereum (ETH) has slipped to $3,141.78, while Cardano (ADA) is down to $0.9424, a 1.13% decrease in the last 24 hours. XRP, too, is seeing a slight dip, trading at $3.11, down 0.03% in the same period.
Cardano Price Action and Fibonacci Analysis
Despite the market’s bearish sentiment, Cardano (ADA) has managed to hold strong above its 50% Fibonacci retracement level, with support around the $0.83 mark. According to analyst Josh of Crypto World, ADA is currently facing significant resistance within the “golden pocket” Fibonacci range between $1.13 and $1.23. This level has proven to be a major hurdle, preventing ADA from making a significant upward breakout.
Currently, ADA is trading sideways, fluctuating between $0.83 and $1.20, unable to break free in either direction. However, the overall trend remains bullish, with ADA continuing to form higher lows and higher highs on the weekly chart. For ADA to break through the current resistance and see substantial upward movement, it must surpass the golden pocket range. If this occurs, the next target would be between $1.70 and $1.76, aligning with the next Fibonacci resistance zone.
Impact of Bitcoin’s Price Movements
Bitcoin’s price action continues to play a crucial role in shaping the broader cryptocurrency market, including Cardano. Any significant moves in Bitcoin’s price are likely to influence ADA’s direction. As the market remains volatile, traders and investors should monitor Bitcoin’s movements closely, as they could trigger a ripple effect across altcoins like Cardano.

In summary, while ADA faces resistance in the $1.13 to $1.23 range, its bullish structure suggests that a breakout could lead to higher price targets. The key remains overcoming the golden pocket resistance zone.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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