Cardano’s (ADA) price is currently trading around $0.959, a local correction after reaching a high of $1.019. While the drop isn’t necessarily negative, as the price remains above all EMA and 0.236 Fibo levels, investors should be cautious about the potential for a deeper correction.
The key levels to watch are the 0.236 ($0.9594) and EMA-20 ($0.9486) clusters. A close above $0.9594 could confirm buyers’ advantage, while a hold below this level might open room for further selling pressure. The next target is the 0.382 ($0.9224) zone, which could lead to a cascading move toward 0.5 ($0.8925).
Market sentiment remains bullish but is slowing down. A confirmed close above $0.9594 could bring ADA back to its previous high of $1.0192, while a failure below this level might push the price toward $0.922.
Investors can consider taking a larger deposit with BloFin’s August promotion, which offers VIP status and up to 10% cashback capped at 3,000 USDT.
Source: https://www.bitcoinsensus.com/news/altcoins/ada-on-the-edge-holding-0-959-or-pull-toward-0-922