Cardano (ADA) is once again trading above the $1 level and is up by more than seven percent in the last 24 hours. The altcoin will be possibly entering a crucial zone in the next few hours and here’s a analysis of what’s next: 

Wave 4 Setup and Support Zones

ADA’s price is currently in a potential Wave 4, with support expected between $0.85 and $0.60. The most critical support level to watch is around $0.702.. This wave could extend higher, but the recent pullback has been deeper than expected, making it more likely that Wave 4 is unfolding.

Bullish Potential Despite Pullback

The pullback from the November 23 high was in three waves rather than five, which leaves room for a potential upward move. While this doesn’t guarantee a breakout, it keeps the door open for higher prices.

Fibonacci Support Levels Reached

Key Fibonacci support levels between $0.88 and $0.778 have been reached, and the market is now testing resistance levels. The ideal target for the current move was the 100% Fibonacci extension, which has already been met, and ADA is now attempting to push higher.

Resistance Zones and Market Outlook

As ADA approaches resistance, we need to monitor the price action closely. Standard resistance levels are between $1.14 and $1.12, with another level around $1.87. If ADA breaks these resistance levels and continues higher, it could signal the start of a bullish trend. However, if the price faces rejection, it may indicate that the current rally is part of a corrective move.

Key Levels to Watch

If you’re holding positions from the Fibonacci support zone, the analyst said to consider moving your stop-loss to break-even to protect profits. Watch for potential support around $0.85 and $0.77 if the price declines.

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed