Cardano Technical Analysis

Nov 3

FxNews—The immediate support is at $0.334, neighboring the 61.8% Fibonacci retracement level. The Cardano bearish trend would resume if bears (sellers) close and stabilize Solana's price below $0.334. In this scenario, the next bearish target could be the October 28 low at $0.33, followed by $0.327, the 78.6% Fibonacci retracement level.

Please note that the bearish outlook should be invalidated if the price exceeds the 50-period simple moving average of approximately $0.345.

Nov 3

Note

Cardano has broken below the 61.8% Fibonacci retracement level, leading the price to target the 78.6% Fibonacci level. Momentum indicators are not indicating overbought or oversold conditions, suggesting that the downtrend may resume. The next bearish target could be $0.327.

Nov 5

Trade closed: target reached

Bearish target at $0.327 reached.