Cardano’s ADA Faces Market Pressure: Key Levels to Watch
Cardano’s ADA is currently trading below the critical $1 mark, experiencing a decline of over 5%. Over the past week, the price has dropped more than 14%, with the chart showing minor corrections but no significant trend changes.
The pressing question remains whether the market is entering the fourth wave of a larger correction or continuing an extended third wave. Key support levels will play a pivotal role in shaping ADA’s next price movement.
Critical Support Levels
The 64-cent level is the primary support to monitor. Holding above this level is essential for maintaining a bullish outlook. A sustained drop below 64 cents could signal a bearish trend. Currently, ADA remains above this critical level, preserving the possibility of an upward trajectory.
In the event of further declines, the 76-cent mark serves as additional support, aligning with the 38.2% Fibonacci retracement—a common target during a fourth wave correction. Staying above these levels keeps the bullish potential alive.
Short-Term Corrections and Reversal Signals
In the short term, ADA has been moving within a corrective price channel since its early December peak. Although minor rebounds have occurred, they follow a three-wave structure, which suggests a temporary correction rather than a strong reversal.
Key support levels in smaller time frames are 93 cents and 83 cents. A drop below 83 cents would confirm a deeper fourth-wave correction, with further support levels at 76 cents and 64 cents.
Bullish Potential
If ADA holds above 64 cents and the corrective phase resolves, there is room for a significant upward move. Potential targets for the next wave include $1.42, $1.72, and $2.36. Achieving these levels depends on ADA maintaining its key support zones and showing clear signs of price reversal.
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This is no financial advice. Includes third party opinion.