- ADA trades around $0.86,in a symmetrical triangle that signals volatility and a possible breakout.
- Fibonacci levels at $0.76, $0.96, and $1.87 offer critical support and resistance zones to watch.
- Trading volume is steady supporting a potential bullish rally if price breaks above $0.96.
Cardano (ADA) is showing strong price move, trading around $0.86 and stuck inside a symmetrical triangle. This pattern usually means the price is taking a pause before a big jump or drop. If ADA breaks above $0.96, it could push the price up to about $1.90.
What Is Happening with Cardano’s Price?
Since late 2024, Cardano’s price has been moving within this triangle shape on the charts. The triangle narrows as time goes on, which often leads to a sudden breakout. Right now, ADA is near the tip of this triangle, around $0.857. This means traders expect the price to make a clear move soon.
Cardano’s price has been respecting important Fibonacci retracement levels to watch at $0.76, $0.96, and $1.87. These levels act like invisible floors and ceilings for price action. In the past, ADA has bounced off these points, that is why so many traders keep an eye on them.
Price and Volume Show Growing Buying Interest
On October 4, ADA’s price fell slightly to just above $0.83. This drop showed some selling pressure, but the situation changed on October 5. The price quickly climbed, breaking above resistance near $0.87. This sudden rise suggests buyers stepped in strongly.
Trading volume stayed steady during this time, meaning the price moves weren’t caused by just one large trade but by many smaller trades. This steady activity points to growing confidence among investors.
ADA pulled back after the price peak,this was a result of profit taking from traders. Still, the price stayed well above the previous range, hinting that a new upward trend might be starting.
What Could Happen Next?
As per the triangle pattern and Fibonacci levels If ADA holds $0.75 support and pushes past $0.96, the path could clear for a rally to $1.28 and even up to $1.90. However, if ADA falls below $0.75, it might fall further .
Cardano remains a popular Layer 1 blockchain known for low fees and steady growth. Its steady development and growing user base keep it attractive to investors making it a strong player in the crypto space.
ADA remains one of the most liquid and widely traded cryptocurrencies with a market cap over $30 billion and daily trading volumes exceeding $1 billion.
