Key Insights
- •ADA remains inside a wedge; traders watch $0.661 for signs of bullish continuation.
- •Another move lower remains possible unless Cardano breaks out above the $0.661 resistance zone.
- •A sustained breakout from the wedge pattern could set ADA on a path toward $0.80.
Cardano (ADA) was trading at $0.61, with a 24-hour trading volume of $899.6 million. The token has recovered slightly in the past day, but remains down over the past week. Current price action is drawing attention to the $0.661 level, which traders are watching closely for signs of a trend shift.
Correction May Not Be Over Yet
Analyst Man of bitcoin has pointed to the $0.661 area as a key resistance. As long as ADA trades below this level, the corrective structure known as wave-c of (ii) may still be in progress. The current setup leaves room for another move down unless that level is broken.
The short-term chart shows possible support between $0.530 and $0.488, based on measured extensions from the previous move. The 1.618 extension, near $0.488, is viewed as a possible turning point if the decline continues. So far, there’s been no sign of a strong reversal.
Price Moves Within a Descending Wedge
On the 4-hour chart, ADA is moving inside a descending wedge. The pattern shows lower highs and lower lows, but price has bounced off the lower boundary, keeping the wedge in play.
KripTocuM, who is tracking this setup, shared that a previous pattern is no longer active. The focus is now on this wedge. He said, "If the average 4h candle closes above 0.66, the formation will work and the target will be 0.80." Until then, price remains inside the pattern, without confirmation of a breakout.
Breakout Level Still Unconfirmed
The $0.661 level is a shared focus among analysts. It aligns with both wedge resistance and the top of the correction structure. A move through this point could be the first sign of a shift in direction.
A clean break above $0.661 may open space for a move toward $0.80, the projected target based on the wedge. Until that happens, ADA is likely to stay within its current range.
Traders Waiting on Confirmation
At this stage, ADA is still moving within a wider consolidation. A sustained push through $0.661 would bring the first signal of a possible trend reversal. Until then, the market is holding in a neutral zone, with buyers and sellers watching key levels on both sides.