$ADA – Detailed Elliott Wave Breakdown (1hr Chart)

Cardano is currently tracing a classic Elliott Wave structure, and the market seems to be respecting it beautifully.

How Wave Structure working 👀

A clean 5-wave impulse has completed:

Wave (1) to (5) shows a strong uptrend from ~$0.62 to ~$0.86.

After the peak, ADA entered a corrective phase, forming an A-B-C zigzag correction.

Current Setup:

Wave (a) and (b) are complete.

Wave (c) is now unfolding, targeting:

1.151 Fib extension at $0.7352 – near-term support.

1.618 Fib extension at $0.6919 – deeper support, historically a strong reversal zone in corrections.

Price Action Now:

Trading around $0.744, ADA is right near the 1.151 Fib support.

Volume is declining, suggesting potential exhaustion of selling pressure soon.

What to Watch For:

Bullish Reversal Signals: Hammer candle, bullish divergence, or spike in volume around $0.735–0.69 could signal wave C completion.

Invalidation: A break below $0.68 would invalidate this wave count and suggest a deeper correction.

Upside Breakout: If $0.765+ is reclaimed quickly, we might be looking at a new impulse wave beginning.

Strategy:

DCA entries near $0.735 and $0.69 are logical for swing traders.

Stop-loss below $0.68 to manage risk.

Targets: Recovery toward $0.78–0.82 short-term once correction ends.