Cardano Battles Key Resistance: Will ADA Finally Break $0.80 or Face Another Rejection?

• ADA faces strong resistance at $0.75-$0.80, with multiple failed breakouts signaling potential downside risk.
• The 0.786 Fibonacci level near $0.6574 offers historical support, increasing chances of a bullish reversal if buyers step in.
• Breaking above $0.70 may validate an inverse head-and-shoulders pattern, possibly starting a rally toward $1.0463.

Cardano (ADA) price fluctuates below the pivotal $0.75-$0.80 area that has served as support and resistance in the long run. This level previously rejected price action in 2022 and 2023, and sharp drops followed. The market recently tried breaking out but failed, which indicates potential further decline.

ADA’s Struggle with Resistance

Analyst Ali shows Cardano steep drops with a prolonged downtrend after highs above $2.80. ADA is currently attempting to break the $0.75-$0.80 resistance level once more, a very significant zone in the past. Several failed attempts at breaking above it indicate a huge level of selling pressure.

Source: Ali

Previously, ADA faced rejection at this level in early 2022, triggering a steep correction. After multiple unsuccessful attempts by the price to regain this zone in 2023, there was a sideways accumulation phase. The momentum weakened even though the price was able to break over this resistance in late 2023 and early 2024. Recently, ADA slipped below the zone again and is now testing it from the downside.

Without momentum or strong buying volume, a further rejection could push prices lower. The absence of volume indicators on the chart makes it difficult to gauge buyer strength. However, historical trends show this zone as a crucial decision point. A successful breakout could drive prices higher, while rejection may lead to continued downside.

Key Fibonacci Support Signals Possible Reversal

Meanwhile, Rose Premium analysis highlights ADA’s approach to the 0.786 Fibonacci retracement level, a historically strong support zone. Currently, the price is around $0.6574, near a significant demand area. This level has previously triggered bounces, increasing the probability of a reversal.

Source: Rose Premium

A potential double-bottom formation suggests a bullish reversal if buyers step in. Price estimates experience a moderate rise followed by a small pullback before rising further. Key resistance levels are $1.0463, $1.2145, and $1.3984, which align with Fibonacci retracement levels and the previous price structure.

The 0.618 Fibonacci level at $0.70 is a possible resistance point before it reaches $1.0463. If ADA breaks above this point, it can validate an inverse head-and-shoulders pattern to trigger a stronger rally.