Cardano $ADA is breaking down. From the daily chart I have been observing a 1,2 Elliot wave structure from the lows made on the wave 5th of Aug 2024.
We are currently in a wave 2. Targets lie between $0.8030 -$0.5049. In case of further breakdown moves this support area needs to continue holding.
On holding within that area then we should be able to rally higher in a wave 3. On loosing $0.5049 then a massive pullback will follow were we can get a reset of the lows made on the 4th of Nov and 5th of Aug 2024.