further drawdown before MAJOR Rally
2024-12-31
Category: None

ADA is currently showing weakness in line with broader market trends, with a key support level at 0.769. Cardano appears to be nearing the completion of Wave B, with expectations of a significant Wave C forming.

Historically, ADA has found support at the 0.50 Fibonacci retracement, often followed by a recovery after rejection. If the price fails to maintain this support, further downside to the 0.618 Fibonacci retracement around 0.66 is anticipated. A breach below this level could indicate considerable bearish momentum.

Looking ahead, these levels are expected to persist into the new year, with a potential test of support around January 3rd. If the bulls successfully defend these levels, ADA could see a robust bounce, targeting the 1.75–1.95 range as momentum builds heading into the inauguration period.


not financial advice