Cardano ADA Price News Today - Elliott Wave Technical Analysis and Price Now! Price Prediction!

Introduction

Hello and welcome to another update about ADA. Cardano (ADA) is at a very interesting spot right now. Recently, ADA reached the 38.2% retracement level at 40 cents but has seen some pullbacks after rallying to almost 46 cents last week.

Price Analysis

Retracement and Rally

After hitting nearly 46 cents, ADA started to pull back. We've seen it touch the 38.2% Fibonacci retracement at 40 cents. Previously set boundary lines for range have been removed as Fibonacci support is well-defined.

Wave Patterns

From previous updates, the preferred count suggests a desire for one more high for a clearer five-wave move. Currently, ADA seems to be ending an initial three-wave decline from the previous week's high. This is labeled in the white count, which remains the preferred interpretation despite some reservations about the terminology.

It's crucial to maintain awareness of the pivots—understanding which support and resistance levels keep specific wave counts viable allows for better positioning.

Support and Resistance Levels

The idea is that one more high would provide greater clarity in the chart patterns. Both wave four and wave two supports are significant, and reactions to both have been observed. If this is wave four, the price should turn around before breaking below 38.6 cents; a break below this would shift the perspective towards a wave two decline.

Possible Scenarios

One More High: This scenario suggests a final push to around 48-50 cents, possibly testing a trend line with several touchpoints.
Wave Two Decline: Should the wave one to the upside not clearly manifest as five waves, the lower support area around 34.3 cents could come into play.

Without clear evidence that wave five has started towards the 50-cent region, the current movement is still under scrutiny. For now, there are only three waves up, but any rally from the current levels could confirm the beginning of wave five.

Future Outlook

A further rally necessitates observing if the price touches around 42-43 cents, giving more concrete evidence of five waves, albeit this is more speculative and micro-level analysis.

Both wave counts are plausible, but if wave four holds, ADA should ideally push higher from the current retracement level. From an Elliott Wave perspective, the bullish scenario remains valid as long as the ADA price stays above 34.3 cents. Falling below this level could likely lead to new lows.

Conclusion

In summary, while ADA is poised at an intriguing point, various scenarios could unfold. The overall bullish outlook remains, contingent on the key support level at 34.3 cents being maintained. As always, remain vigilant on these support and resistance levels for any potential changes.

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Keywords

ADA
Cardano
Elliott Wave
Fibonacci retracement
Wave count
Support and resistance
Price rally
Wave four
Wave two
Technical Analysis

FAQ

Q1: What is the significant retracement level for ADA? A1: ADA reached the 38.2% retracement level at 40 cents.

Q2: What could signify another rally in ADA? A2: If the price avoids breaking below 38.6 cents and initiates an impulsive rally, it could denote the start of wave five.

Q3: What is the key support level for a bullish outlook on ADA? A3: The key support level is 34.3 cents. Maintaining this level is crucial for a bullish outlook.

Q4: What are the possible price targets if ADA continues to rise? A4: Potential targets could be around 48-50 cents, which may also involve testing a trend line with multiple touchpoints.

Q5: How can I stay updated with frequent ADA price analysis? A5: For frequent updates, follow us on Instagram and Twitter, and consider joining the channel membership for detailed insights.