🔍 The Bigger Picture: ADA Still Above Bull Market Support
We’re currently looking at $ADA on the larger timeframe, and it’s important to note that Cardano continues to hold above the critical bull market support area between $0.32 and $0.54.
That’s a positive sign — but it doesn’t automatically mean we’re in a clear bullish phase yet. The sharp drop on October 10th left some visible damage on the chart, meaning the move up we’ve seen since then can no longer be classified as an impulse.
📈 Possible Wave Structure:
The structure may still form a diagonal pattern, which means the orange scenario — one that still allows for higher prices — remains on the table.
Waiting for Confirmation
To confirm that a (C)-wave to the upside has started, we’ll need to see clear breakout signals on the smaller timeframes.
Currently, $ADA movement is mostly sideways, with no convincing bullish momentum yet. We’re simply bouncing between micro support and resistance levels.
If the (C)-wave begins to unfold, potential upside targets sit around $1.79+ — but we’re not there yet.
