ADA (Cardano) Market Update — Short-Term Analysis
ADA is currently displaying a complex corrective structure on the smaller timeframes, while the larger pattern remains a stable Elliott Wave triangle. Despite a recent push above resistance, the price action still lacks the strength of a clear impulsive breakout. Current evidence suggests that wave D of the triangle is extending, possibly forming a WXY double zigzag structure.
Key Levels to Watch:
Immediate Resistance: $0.775
Next Bullish Target (100% extension of Y-wave): $0.945
Micro Support Zone: $0.688 – $0.706
Trade Setup
Entry (upon confirmation of 5-wave structure in A wave): Around $0.71 – $0.72
Take Profit Targets:
TP1: $0.78
TP2: $0.84
TP3 (Full Y-wave extension): $0.945
Stop Loss: Below $0.685 (to account for invalidation if support breaks)
Summary:
Wait for a confirmed 5-wave move to complete in wave A before entering. A pullback in wave B could provide an ideal entry point. Watch for upside momentum to sustain above micro support to validate bullish continuation.
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