Cardano

Cryptocurrency

Resistance

<p><strong>Cryptocurrency trader CryptoBusy <a href="https://x.com/CryptoBusy/status/1719689185869938999?s=20" target="_blank" rel="noopener noreferrer nofollow">highlighted</a> in a tweet today that Cardano’s ADA token is facing resistance around the key 0.382 Fibonacci retracement level.</strong></p>
<p>CryptoBusy notes that ADA got “massively rejected” upon reaching this level, which is around $0.30 based on current prices. The 0.382 Fibonacci level is an important potential resistance point that traders watch closely when analyzing price action.</p>
<p>The Fibonacci sequence of numbers is commonly used in technical analysis to identify support and resistance levels. By taking key swing highs and lows and mapping the Fibonacci levels between them, traders can identify areas where the price may reverse.</p>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="631" src="https://captainaltcoin.com/wp-content/uploads/2023/11/image-15-1024x631.png" alt="" class="wp-image-368102" srcset="https://captainaltcoin.com/wp-content/uploads/2023/11/image-15-1024x631.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-15-300x185.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-15-766x472.png 766w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-15-1536x946.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-15-2048x1261.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-15-244x150.png 244w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-15-100x62.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-15-568x350.png 568w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-15-788x485.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-15.png 1398w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>CryptoBusy emphasized the importance of studying the key Fibonacci ratios of 0.382, 0.50, and 0.618 when trying to master trading knowledge. These levels correspond to the golden ratio and can often act as barriers where rallies run out of steam.</p>
<p>At the time of writing, Cardano’s <a class="wpil_keyword_link" href="https://captainaltcoin.com/cardano-ada-price-prediction/" title="ADA" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">ADA</a> token is trading around $0.28, having fallen back after reaching as high as $0.30 recently. The 0.382 Fib level that ADA hit lines up with the $0.30 area on the charts.</p>
<p>With ADA appearing to be rejected at this important Fibonacci resistance, traders will be watching to see if the cryptocurrency can regain enough upside momentum to push through this barrier. If not, ADA could see further consolidation or a deeper pullback as it struggles to find buying interest at higher levels.</p>
<p>Going forward, the Fibonacci levels identified by CryptoBusy will be key areas to monitor as potential resistance zones for Cardano. Traders may look to exercise caution if ADA approaches these levels in any future rally attempts.</p>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/etoro-ca-1-oyc386si1bdrmhrff7xex5ngu4zikfy3ei6bk0rbb6.png" width="500" alt="We recommend eToro" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-etoro-target-_blank-rel-noopener-noreferrer-nofollow-span-we-recommend-etoro-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <span>We recommend eToro</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20"><strong>74% of retail CFD accounts lose money.</strong>
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> Visit eToro Now </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Active user community and social features like news feeds, chats for specific coins available for trading. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Copy trading: allows users to copy the trades of leading traders, for free. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a href="https://captainaltcoin.com/cardano-ada-stumbles-at-crucial-fibonacci-resistance-level-report/" rel="noopener noreferrer nofollow">Cardano (ADA) Stumbles at Crucial Fibonacci Resistance Level – Report</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Cardano (ADA) Stumbles at Crucial Fibonacci Resistance Level – Report

Table of Contents

CaptainAltcoin

Other articles published on Nov 1, 2023

Canadian MP Joël Lightbound celebrates Bitcoin’s 15th anniversary with a call to study

Hong Kong’s Largest Virtual Bank Opens OKX Operating Account

THORChain Leads Top 100 Coins with 34% Rally

ShareRing Certified in the UK as a Trusted Digital Identity Services Provider

Bitcoin Comment from Allianz, One of the World’s Largest Insurance Companies!

Turkey nears completion of crypto rules to exit FATF’s grey list

Join our free newsletter for daily crypto updates!