Cardano: The 0.618 Fib Takes Centre StageCardano / TetherUSBINANCE:ADAUSDTDukesMarketAnalysisShort-Term Structure Remains Bearish ADA continues to struggle following its rejection from the $0.2824 high, with the recent price action producing a series of lower highs and lower lows. Bulls need to reclaim the October 10 swing high at $0.2595 to establish a bullish change of character. Former Support Turns Into Resistance The $0.23 area has repeatedly acted as support and resistance, but recent attempts to reclaim it have failed. This remains the first major obstacle bulls must overcome to improve the short-term outlook. The 0.618 Fibonacci Test Price has returned to the key 0.618 Fibonacci retracement at $0.2137, where buyers will hope to establish support. A decisive break below this level would increase the likelihood of a move towards the 0.786 Fib at $0.1950, where further support is waiting. Bullishly Crossed Daily EMAs The 100/50-day EMAs remain bullishly crossed, although price has now fallen beneath both averages. This weakens the immediate outlook, but the bullish crossover suggests the medium-term recovery has not yet been completely undermined. Volume and Momentum Trading volume has generally declined throughout the recent pullback, suggesting selling pressure has lacked the conviction seen during the earlier decline. However, RSI remains below 50 and StochRSI is oversold, with little evidence of a sustained momentum reversal. In Summary Cardano is testing an important area around the 0.618 Fibonacci retracement, but the short-term structure continues to favour sellers. Declining volume and oversold StochRSI offer some encouragement, although neither confirms a reversal. Bulls first need to defend $0.2137 before attempting to reclaim the former $0.23 support area. Failure to hold the current level would shift attention towards $0.1950, while a break above $0.2595 would provide a more meaningful bullish change of character.