Usman Salis
⬤ Cardano printed its first green candle after a long run of red and traders now wait to see if the move turns into a sustained bounce. Analyst reads the price action as the possible start of wave (c) within a larger corrective structure. The token spent multiple sessions pinned near its recent lows - the latest bar hints that selling pressure is easing - yet a reversal needs more proof.
⬤ The chart shows ADA sliding from the $0.48-$0.53 resistance band until it reached the $0.38 support region. That area coincides with key Fibonacci retracements and marks the place where bids began to appear. The green candle forming there indicates that short term momentum is tilting upward.
⬤ $0.407 forms the next critical barrier. A clearance of that price would open room for additional targets higher up. Failure to punch through would keep the bounce contained and leave the prevailing downtrend intact.
⬤ The move carries weight beyond Cardano. ADA frequently echoes the behaviour of other large cap altcoins while the market ranges - continued strength here would improve sentiment elsewhere. Volatility is still elevated and the response at those technical markers will decide whether the green candle evolves into a broader climb or simply fades.
Usman Salis
