Cardano Approaches Critical Support Level Amid Ongoing Downtrend
Cardano (ADA) is nearing a critical juncture after over five weeks of declines. Analyst Quantum Ascend indicates that ADA may be in the final phase of a downward five-wave Elliott pattern.
Key Points
- ADA is currently at the 0.702 Fibonacci retracement level, with the 0.786 level just below, suggesting potential for deeper corrections.
- The analyst notes that as long as ADA holds above $0.51, its structure remains intact.
- Market sentiment has declined, and there is a need for bullish momentum from Bitcoin or Ethereum to stabilize conditions.
- Despite current downtrend, the analyst advises patience and suggests it could be an opportunity for dollar-cost averaging.
- ADA was trading at $0.6158 at the time of the report.
