📊 Current Status: Cardano ( $ADA ) is down 5%, trading below $1, with a 14% drop over the last seven days. While ADA remains above critical support levels, the market’s next move hinges on whether it’s in a fourth wave correction or an extended third wave.
🔑 Key Support Levels:
The $0.64 level is crucial for maintaining a bullish outlook. A sustained break below this could signal a bearish shift.Secondary support is at $0.76, aligning with the 38.2% Fibonacci retracement, a typical target for wave corrections.
📉 Short-Term Trends: On smaller time frames, ADA is trading within a corrective price channel. The recent three-wave rebounds suggest a short-term correction rather than the start of a larger uptrend. Support levels to watch include $0.93 and $0.83. A drop below $0.83 would confirm a deeper correction, targeting $0.76 and $0.64.
🚀 Bullish Potential: If ADA holds above $0.64, there’s room for an upward move. Targets include $1.42, $1.72, and possibly $2.36, but this depends on strong support and a reversal in market sentiment.
🔥 Conclusion: ADA is at a critical juncture. While bearish pressure looms, holding key supports could pave the way for a recovery. Traders should monitor $0.64 closely as a decisive level for the next move. 📈📉
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