Cardano Market Structure Indicates Possible Crash While $0.9 Target Remains

Cardano (ADA) is experiencing mixed market signals, suggesting a potential short-term price decline alongside the possibility of a rally towards $0.9.

Price Forecast

Analyst SiDec projects ADA may correct towards $0.75 soon, based on Elliott Wave Theory and price action analysis.
Current consolidation indicates an end to upward momentum, entering a corrective ABC pattern.
Wave C is expected to complete this correction, with support identified around $0.705.

The critical support levels include:

50% retracement at approximately $0.7534.
Previous swing low at $0.746.
Daily 21 EMA at $0.7455 and SMA at $0.7347.
Point of Control near $0.7318.
Volume Weighted Average Price situated within the $0.75 zone.

Potential Recovery

Despite the bearish outlook, a bullish rebound towards $0.92 is anticipated post-Wave C crash. However, this level poses significant resistance and profit-taking risks.

Clear confirmation signals will be required for favorable risk-to-reward ratios in this area. If the $0.75 support holds, ADA could recover strongly towards $0.92 and beyond.