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  • Cardano price saw a spike in profit-taking after reaching an all-time high of  $2.47.
  • ADA seems to have found strong support between above $2.00.
  • The so-called “Ethereum killer” faces  strong resistance at $2.20.

Cardano price has encountered significant selling pressure after conquering an all-time high of $2.45. Despite the 12% nosedive seen recently, a crucial support level might keep falling prices at bay.

Cardano price to bounce off $2  

ADA price is retesting $2.00 as a critical point this time as support. Cardano is forming support between the 61.8% and the 78.6% Fibonacci retracement levels, making the price oscillated between $2.05 and $2.15. This constitutes an accumulation zone that has its resistance  established around the  100-hour moving average at  $2.13

The next level of resistance can be found at $2.20, coinciding with the 50% Fibonacci retracement level. Once this resistance barrier is cleared, Cardano price could retest the recent all-time high at $2.47  or seek a new high between $2.60 to $2.70

ADA/USDt 1-hour chart

ADA/USDt 1-hour chart

If the downward pressure increases and Cardano price breaks below $1.92, the following support level sits at $1.82. This is a critical area of interest because it represents the last ADA peak from mid-May.

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