- ADA holds $0.66 support, forming a Wyckoff pattern with resistance at key supply zones.
- Market structure mirrors past cycles, with potential accumulation before a breakout move.
- Long-term analysis suggests ADA could reach $9 if historical trends and wave counts persist.
Cardano (ADA) maintains key support levels as analysts track market patterns resembling past cycles. Recent price action reflects formations that could determine ADA’s next move.
Technical Analysis of Cardano’s Market Structure
Cardano’s market movements show a cyclical pattern where key support and resistance levels influence price behavior. The price structure indicates potential accumulation zones aligning with historical trends.
Sjuul Alt Crypto analyzed ADA’s 12-hour chart using a Wyckoff Distribution Schematic #2 overlay. According to him, ADA maintains support at $0.66, reinforcing a bullish outlook unless a breakdown occurs. His analysis outlines a distribution phase with lower highs and lower lows, where resistance levels form a supply zone.
Source: Sjuul Alt Crypto
Sjuul identified multiple rejection points at resistance, confirming selling pressure in alignment with Wyckoff’s phases. The Preliminary Supply (PSY) marks initial liquidity absorption, followed by a Buying Climax (BC) and an Automatic Reaction (AR) retracement. The Secondary Test (ST) retests resistance before transitioning into Phase B, where price oscillates between resistance and support.
Phase C shows an Upthrust (UT) attempting a breakout but failing, confirming resistance. Phase D signals a breakdown, aligning with Wyckoff’s Sign of Weakness (SOW), confirming bearish control. Phase E marks the markdown stage, where ADA reaches the key level of $0.065.
Comparative Insights on Long-Term Price Projections
Andrew Griffiths analyzed ADA’s long-term trend using a weekly chart. His analysis shows ADA maintaining its 50-week moving average (MA50) for six consecutive weeks. This structure mirrors previous cycles where a “Channel Up” pattern preceded strong rallies.
Andrew observed that ADA’s movement resembles its 2021 cycle, where consolidation at the MA50 preceded an aggressive uptrend. In 2021, ADA reached the 3.0 Fibonacci extension before peaking near $3.00. Based on this, his forecast extends ADA’s price toward $9.00 by year-end if the cycle continues.
Source: Andrew Griffith
The Elliott Wave count in his study identifies three major waves, with the current structure aligning with the second wave. He pointed out that the price is trading above both the 50-week and 200-week moving averages, showing possible bullish momentum. RSI patterns concur with past breakout points in favor of continuing an uptrend.
According to Andrew, ADA remains inside a consolidation range, reflecting historical accumulation and distribution behavior seen in previous cycles. Analysts highlight strong alignment with past wave structures and macro support levels. This tightening setup suggests a breakout phase may soon follow if patterns continue.
