In my analysis of $ADA (Cardano) using Elliott Wave theory, the price has shown a positive reaction to the $0.29 support zone, which is crucial for wave two support. This level is significant as it represents the 78.6% Fibonacci retracement of both smaller and larger one-two setups. However, if the price fails to hold at $0.29, it would begin to invalidate the bullish thesis. The bullish case is not high confidence, and a break above the wave one high (around $0.362) is necessary to confirm that wave three is unfolding. Currently, the upward movement appears to be a three-wave move, and we need to see a strong five-wave pattern to solidify the next support area. Until a sustained break occurs, another dip into the support zone remains likely. Effective risk management is essential, and traders who have entered the trade should be ready for possible further declines.

Trading Call for #Cardano :

Entry Price: $0.3714
Stop Loss: $0.29
Break-Even Point: $0.362
Take Profit: $0.45

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