Will Cardano Reach $0.50? Resistance Levels Hold Key to Price Movement

Cardano (ADA) is currently trading at around $0.45, showcasing a modest 0.9% increase over the past 24 hours. However, its movement towards $0.50 remains a focal point for investors. ADA’s price action reveals a balance between stability and potential for further growth. Analysts pinpoint key resistance levels on the daily chart to determine its future trajectory. Notably, the price currently sits below the significant 23.6% Fibonacci retracement level at $0.4597, posing immediate resistance for the bulls. This level acted as a hurdle in yesterday’s attempt to break through and has led to a slight pullback.