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Cardano (ADA) is once again trading above the $1 level and is up by more than seven percent in the last 24 hours. The altcoin will be possibly entering a crucial zone in the next few hours and here’s a analysis of what’s next:
Wave 4 Setup and Support Zones
ADA’s price is currently in a potential Wave 4, with support expected between $0.85 and $0.60. The most critical support level to watch is around $0.702.. This wave could extend higher, but the recent pullback has been deeper than expected, making it more likely that Wave 4 is unfolding.
Bullish Potential Despite Pullback
The pullback from the November 23 high was in three waves rather than five, which leaves room for a potential upward move. While this doesn’t guarantee a breakout, it keeps the door open for higher prices.
Fibonacci Support Levels Reached
Key Fibonacci support levels between $0.88 and $0.778 have been reached, and the market is now testing resistance levels. The ideal target for the current move was the 100% Fibonacci extension, which has already been met, and ADA is now attempting to push higher.
Resistance Zones and Market Outlook
As ADA approaches resistance, we need to monitor the price action closely. Standard resistance levels are between $1.14 and $1.12, with another level around $1.87. If ADA breaks these resistance levels and continues higher, it could signal the start of a bullish trend. However, if the price faces rejection, it may indicate that the current rally is part of a corrective move.
Key Levels to Watch
If you’re holding positions from the Fibonacci support zone, the analyst said to consider moving your stop-loss to break-even to protect profits. Watch for potential support around $0.85 and $0.77 if the price declines.