Cardano's ADA Holds Above Key Support, Eyes Golden Pocket Resistance

Cardano, the fifth-largest cryptocurrency by market capitalization, has been experiencing a price decline in recent days, along with other major coins. As of now, ADA is trading at $0.9424, down by 1.13% over the past 24 hours, but it remains up by 5.47% over the past seven days.

Despite the recent price drop, Cardano is still holding above the 50% retracement level, which has acted as significant support around $0.83. On the resistance side, analysts have identified the "golden pocket" Fibonacci area, sitting between $1.13 and $1.23, as a major hurdle for the cryptocurrency.

Currently, Cardano is trading sideways between these levels, fluctuating between $0.83 and $1.20, as it struggles to break out in either direction. However, the overall trend remains bullish, with ADA continuing to form higher lows and higher highs on the weekly chart.

For a big move higher, Cardano needs to break through the golden pocket resistance. If this happens, the next target would be around $1.70 to $1.76, aligning with the next Fibonacci resistance zone. However, continued resistance in the $1.13 to $1.23 range is expected if the price makes its way back there.

As always, it's important to keep an eye on Bitcoin's action, as it tends to influence the broader crypto market. Any major movements in Bitcoin could have a ripple effect on ADA and other cryptocurrencies.