Key Insights:
- •ADA needs to hold $0.811 support to confirm wave-ii low and begin the next bullish phase.
- •Ascending channels and rising open interest suggest building momentum ahead of ETF-related decisions.
- •A breakout above $0.938 may trigger a rally toward $1.02, $1.10, and possibly $1.30.
Cardano (ADA) was showing signs of a new upward move following a recent correction. Technical analysts tracking the Elliott Wave model suggest that ADA may be entering wave-5 of its first impulse wave. This would confirm a shift in trend, provided the current structure holds.
ADA has traded in a tight range around $0.86 to $0.87 in recent days, staying above the 0.236 Fibonacci retracement level. This zone is acting as short-term support. The market is watching for a push higher to complete wave-5, which would offer early confirmation that wave‑ii has ended and a bullish phase is building.
$0.811 Remains the Crucial Support
The $0.811 level has become a key area for ADA. It aligns with the 0.618 Fibonacci level, often seen as an important line during correction phases. Traders are paying close attention to whether this support holds in the coming sessions.
If ADA remains above $0.811, it would support the view that the recent low marks the end of wave‑ii. A drop below this point would challenge the . Price targets between $0.892 and $0.962 are being watched. A move above $0.938 would confirm the structure and may open the door toward $1.02.
Recovery Supported by Rising Open Interest and Channel Formation
ADA has been recovering steadily since bouncing from $0.75. The price is now moving within an ascending channel, marked by higher lows and steady volume. This pattern reflects a market that is gaining traction, especially as the ETF decision nears.
Market data shows open interest is rising while supply on exchanges is falling. These two trends often point to growing investor demand. A post from a CoinEx Creator stated, “Cardano is regaining momentum ahead of the ETF decision,” referring to the recent pickup in trading activity and reduced selling pressure.
Traders Set Eyes on $1.10 and $1.30 If Momentum Holds
ADA's next resistance was seen near $0.92 and $0.93. Breaking above the $0.90 level could signal continued strength. If that happens, short-term targets near $1.10 and $1.30 are being discussed by several analysts.
Despite a 5% drop in the past 24 hours, ADA has gained 4% over the last week. Trading volume remains high, topping $1.8 billion in the last 24 hours. As long as ADA stays above $0.811, the broader structure remains in place. A strong close above key resistance could confirm the start of a new leg higher.