Cardano Price Holds Above $0.75, Bear Trap Thesis in Play
Cardano price is showing signs of resilience, currently holding above $0.75. This level could validate a bear trap thesis and potentially lead to a recovery towards $0.90 and $1.05. The broader outlook remains constructive as long as buyers stay active.
Cardano's price has been fluctuating recently, slipping from above $0.86 earlier this week. However, it has been holding at support levels, which historically has preceded larger upside moves. If the price can close back above $0.80, it could confirm a bear trap and open up room for a climb towards $1.20. Analysts are optimistic about Cardano's potential, with some forecasting a rally towards $2.00 if momentum holds. The next resistance levels for Cardano lie at $0.90 and $1.05. However, if Cardano loses its $0.75 support, the price could quickly slide towards $0.70 or $0.65.
Cardano's price is showing promising signs of recovery, with the potential to validate a bear trap thesis and rally towards $0.90 and $1.05. The broader outlook is constructive, with analysts seeing potential for a rally towards $2.00. However, maintaining support at $0.75 will be crucial to prevent a slide towards $0.70 or $0.65.
