Usman Salis
⬤ Cardano's holding steady inside a major support zone after weeks of downward pressure, with ADA trading around $0.42–$0.43 on the 4-hour chart. Right now, the price action shows ADA sitting at a critical technical level where a bounce could confirm that buyers are regaining control. The token's hovering near $0.426 while testing multiple Fibonacci levels that mark the lower edge of this correction.
⬤ The chart shows a completed corrective pattern with the final leg landing inside a support block between roughly $0.406 and $0.345. ADA recently bounced off this zone and is now trying to push back above the $0.427 level, which lines up with a key Fibonacci marker. Several overlapping Fibonacci levels in this support area suggest ADA's reached a high-demand zone after sustained selling pressure.
⬤ A move higher from here would strengthen the case that momentum's shifting and ADA could be shaping up for a broader recovery. The chart also points to a potential upside target near $0.736, marked by a resistance line. While ADA's still below key resistance and within a larger corrective structure, the reaction at support and early upward pressure show growing market interest at these price levels.
⬤ This matters because major support zones often shape sentiment across mid-cap altcoins. If Cardano holds current levels and pushes higher, it'd signal that selling pressure's easing and buyers are coming back in. That would help clarify whether ADA's gearing up for a real recovery phase or just stuck in consolidation while the market figures out its next move.
Usman Salis
