Cardano Holds $0.907 as Traders Watch $0.900 Support for Next Breakout

Cardano (ADA) is currently trading near $0.907 after a series of corrective waves on the 30-minute chart, with key support levels around $0.904 and $0.900 drawing the attention of traders [1]. On August 19, ADA/USD hovered around $0.907, reflecting a 0.22% daily decline, with a session high of $0.911 and a low of $0.907. The price has since consolidated following multiple corrective patterns, highlighting the importance of Fibonacci retracement levels, particularly near the 0.618 zone [1].

Analysts are closely monitoring the $0.920 liquidity zone, which is considered a critical area where increased volume may drive the next directional move. Buy and sell orders are concentrated heavily in this range, and a successful rebound from $0.900 could push ADA toward resistance levels above $0.960 and potentially $1.00 [1].

Technical indicators suggest a possible reversal as the market enters oversold territory. The Stochastic RSI has shown an upward curve, indicating that bulls are attempting to regain control. Momentum is gradually recovering after recent sell-offs, and a sustained increase in volume could validate a fresh bullish structure [1].

Wave extensions project that ADA may test levels near $0.880 if bearish pressure continues. However, a rebound from this level could signal the start of a new bullish phase, with analysts identifying potential targets from $0.960 up to $1.02 if volume confirms the trend [1]. The consolidation phase has drawn attention from traders who are watching for signs of a breakout from the current range.

Cardano’s recent price action suggests the possibility of completing a corrective cycle before advancing higher. A successful defense of the $0.900 level would be crucial for ADA to reclaim momentum toward the $1.00 target. Traders are waiting for confirmation of this breakout, as it could determine the short-term trend and influence broader sentiment in the altcoin space [1].

Source: [1] Cardano Holds $0.907 as Traders Watch $0.900 Support for Next Breakout (https://cryptonewsland.com/cardano-holds-0-907-as-traders-watch-0-900/)