The Cryptocurrency market is currently confronted with a recession, with large coins experienced price falls. Bitcoin (BTC) trades at $ 102,584.12, with 0.27% falling in the last 24 hours, although it still has an increase of 2.77% in the past week. Ethereum (ETH) has fallen to $ 3,141.78. Cardano (ADA) has fallen to $ 0.9424, with a decrease of 1.13% in the last 24 hours, but it continues to rise by 5.47% for the past seven days. XRP is also slightly lower and acts at $ 3.11, a decrease of 0.03% for 24 hours.
Cardano Price analysis:
From now on ADA is above the 50%retracement level, which has acted as considerable support around $ 0.83. On the resistance side, Analyst Josh from Crypto World said that Cardano is confronted with the “Golden Pocket” Fibonacci area, sitting between $ 1.13 and $ 1.23, which has been a major obstacle.
The cryptocurrency basically exchanges sideways between these levels, fluctuating between $ 0.83 and $ 1.20, while it is struggling to break out in both directions. Despite the lateral price promotion, the total trend bullish, where Ada still continues to form higher lows and higher highlights on the weekly graph.
For a large movement higher, Cardano has to break through the Golden Pocket Resistance. If this happens, the next goal would be around $ 1.70 to $ 1.76, in line with the next Fibonacci resistance zone. However, expect a constant resistance in the range from $ 1.13 to $ 1.23 if the price finds its way there.
As always, it is important to keep an eye on the Bitcoin price action, because it tends to influence the wider crypto market. All important movements in Bitcoin can have a wrinkle effect on ADA and other cryptocurrencies.