Cardano (ADA) Stumbles at Crucial Fibonacci Resistance Level – Report

Cryptocurrency trader CryptoBusy highlighted in a tweet today that Cardano’s ADA token is facing resistance around the key 0.382 Fibonacci retracement level.

CryptoBusy notes that ADA got “massively rejected” upon reaching this level, which is around $0.30 based on current prices. The 0.382 Fibonacci level is an important potential resistance point that traders watch closely when analyzing price action.

The Fibonacci sequence of numbers is commonly used in technical analysis to identify support and resistance levels. By taking key swing highs and lows and mapping the Fibonacci levels between them, traders can identify areas where the price may reverse.

CryptoBusy emphasized the importance of studying the key Fibonacci ratios of 0.382, 0.50, and 0.618 when trying to master trading knowledge. These levels correspond to the golden ratio and can often act as barriers where rallies run out of steam.

At the time of writing, Cardano’s ADA token is trading around $0.28, having fallen back after reaching as high as $0.30 recently. The 0.382 Fib level that ADA hit lines up with the $0.30 area on the charts.

With ADA appearing to be rejected at this important Fibonacci resistance, traders will be watching to see if the cryptocurrency can regain enough upside momentum to push through this barrier. If not, ADA could see further consolidation or a deeper pullback as it struggles to find buying interest at higher levels.

Going forward, the Fibonacci levels identified by CryptoBusy will be key areas to monitor as potential resistance zones for Cardano. Traders may look to exercise caution if ADA approaches these levels in any future rally attempts.

Check $RECQ Meme Coin

Sponsored: Invest Responsibly, Do Your Own Research.
Serves as the base currency for all transactions within the Rebel Satoshi platform
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.


Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.