ADA holds above $0.51, keeping bullish momentum intact with eyes on $0.87 for confirmation.
A break above the yellow trendline suggests a potential new bullish phase with higher lows forming.
Derivatives data shows rising market confidence, but a sell wall remains strong near $0.87.
Cardano (ADA) is trading above the critical $0.51 support level, a zone that continues to guide market sentiment. The price structure on the daily chart suggests that both the yellow and white scenarios remain valid, with the recent break above the yellow descending trendline indicating potential for upward continuation. Traders are now watching for a move above $0.87 to confirm stronger momentum.
Price Structure Remains Stable With Wave Scenarios Active
ADA has shown steady gains after rebounding from support near $0.58, climbing to a recent high of $0.7244. According to analysis prepared by More Crypto Online, the asset has completed a wave structure labeled A to E, and the break above the descending yellow trendline could mark the beginning of a new phase.
https://twitter.com/Morecryptoonl/status/1943492608019292168
The $0.51 level continues to act as a key pivot between bearish and bullish momentum. ADA is forming higher lows and appears to be building a base above the previous resistance line. With resistance areas seen around $0.80 and $0.90, market participants are focusing on the $0.87 mark as a key confirmation level. A daily close above that point may indicate structural strength.
Both the yellow and white Elliott Wave paths remain intact, and no invalidation has occurred on the daily chart. As long as the price remains above $0.51, traders are anticipating a possible move toward higher resistance zones.
Derivatives Metrics Suggest Market Confidence Is Growing
According to data from Coinglass, ADA derivatives activity has increased. The 24-hour trading volume rose 47.22% to $3.45 billion, while open interest climbed 15.39% to $1.14 billion. However, options volume dropped 92.94%, showing reduced activity in that segment.
Short positions faced losses, with $4.25 million liquidated over the past 24 hours. The Binance ADA/USDT long-to-short account ratio stands at 2.012, and OKX traders show a similar trend with a ratio of 1.71. Top Binance traders report a higher account ratio of 2.2971.
According to an observation by Cw8900, a sell wall remains until $0.87. A confirmed breakout above this level could lead to stronger buying activity and possibly signal a trend shift. Traders are watching these levels closely to confirm the next move.
The post ADA Holds Above $0.51 Support, But Traders Say $0.87 Is the Real Test for Bullish Continuation appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
