Cardano (ADA) Market Update – Elliott Wave Triangle in Focus

ADA remains in a potential Elliott Wave Triangle, currently tracking Wave 4 on the daily timeframe. Price action continues to hold above the key support level at $0.51, preserving the bullish triangle scenario.

Key Observations:

As long as ADA holds above $0.51, the triangle remains valid.

A break below $0.51 would invalidate this scenario, shifting focus to the $0.28–$0.36 support zone for a deeper correction.

The current move appears to be the D wave of the triangle, with a likely E wave pullback yet to form, followed by a potential fifth wave breakout to the upside.

On lower timeframes, the C wave of the D wave may still push higher, targeting the 100% Fibonacci extension at $0.78.

Key Levels:

Entry: $0.67–$0.70 (current micro support zone)

Targets:

Short-term: $0.72 (breakout confirmation)

Mid-term: $0.78 (100% extension target)

Long-term: $0.88+ (Wave 5 projection)

Stop Loss: $0.665 (loss of micro support and red invalidation line)

Conclusion: ADA is showing signs of triangle consolidation, with low volatility indicating a potential breakout ahead. Traders should monitor the $0.67–$0.70 range for potential long setups, while respecting the $0.51 macro invalidation level.$ADA

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