Current Market Overview

Cardano ($ADA ) continues to range within a choppy and messy structure on the daily chart. Importantly, we still donโ€™t see any clear upside impulse yet.

The line in the sand remains the $0.51 level.

As long as ADA holds above this level, the B-wave rally scenario towards higher prices remains intact.

The $1.25 target only stays valid as long as the market respects the August low.

Short-Term Structure: Correction Still in Play

Zooming into the shorter timeframe, ADA is currently going through the correction we anticipated.

Our next downside target was set around $0.85โ€“$0.86, aligning with the 100% Fibonacci extension.

Price reached that level, but the structure still appears unfinished.

Key Support and Resistance Levels

To even consider that a low is in, ADA needs to break above $0.896 (50% retracement). Until then, short-term bears remain in control.

Micro support levels to watch:

$0.812 (may not hold)

$0.763 (August 12th swing low)

Below $0.763 โ†’ possible retest of $0.71 or even the August low

Elliott Wave Perspective

From an Elliott Wave standpoint, the market still looks like an ABC correction with a 5-wave C-leg unfolding. This suggests:

We might still need another lower high and one more low before completion.

As long as the August low holds, the B-wave bottoming scenario remains technically valid.