The holders of Cardano (ADA) have retained their breath recently, awaiting a clear direction on the market. According to a recent video analysis of the YouTube channel No more online cryptoWhich is managed by an analyst with nearly 300,000 subscribers, ADA is currently in a critical phase that could determine its next major movement.
The analyst explains that the ADA is in the middle of a corrective decline that started after the price culminated around May 12. This withdrawal could in fact prepare the ground for a bullish movement known as Rallye des waves C. If this rally takes place as planned, the ADA price could go around $ 0.94 and perhaps more. But there is an important condition that must be fulfilled.
For the Haussier scenario to remain valid, the ADA price must remain above $ 0.686. This level represents 78.6% Fibonacci catches of the last ascending wave. As long as ADA holds this level, the current structure of the market remains intact and a rally in small groups remains possible. If it falls below 0.686, however, the prospects become more lower and a deeper correction could follow.
In this case, the analyst warns against possible drops at $ 0.643, then $ 0.60, and even $ 0.51 if the correction improves in what is known as electronic wave. These levels are based on past swing stockings and trace zones, and a break below each would increase the chances of the additional decline.
On a more optimistic note, the analyst stresses that the ADA recently shown a reaction to a key support area near the level of trace of 61.8%. This area also aligns with the lower limit of a trend channel. It is not enough to confirm a trend reversal, but this shows that buyers intervene. The analyst highlights the importance of looking at areas rather than relying too much on small price structures, which can change quickly.
Since January, ADA has been stuck in a side fork with cork price movements overlapping. The analyst describes this as a broader triangle scheme and considers that until ADA bursts convincingly, the market remains undecided. In this beach, ADA must overcome the resistance area between $ 0.783 and $ 0.845 to reach $ 0.94. If it exceeds $ 0.845, this could be the signal that a new gathering is underway.
For the moment, all eyes are on $ 0.686. As an analyst of No more online crypto Warn, this unique level could be the line between the next big escape from Cardano or a return to the lowering territory.
Read also: How much will 3,000 ADA be worth by 2026? Cardano price prediction
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