Saad Ullah
Cardano (ADA) has arrived at a critical juncture, holding at the lower boundary of its long-term pitchfork formation. This key support zone could be the catalyst for ADA's next major move - either launching a fresh rally or triggering deeper consolidation before the next uptrend begins.
Chart Analysis: ADA at Macro Pitchfork Support
The technical picture reveals ADA's Elliott Wave structure with completed impulse waves and current consolidation phase. As trader Lourenço VS noted, the setup presents limited downside risk against significant upside potential, making this an attractive risk-reward scenario for positioned traders who are waiting for confirmation of the next directional move.
The current price action suggests that ADA is coiling for a significant breakout in either direction.
Key levels to watch:
- Support zone: $0.64–$0.70 range aligns with the macro pitchfork's lower channel
- Immediate resistance: $0.90 represents the first major hurdle
- Extended targets: Fibonacci projections point to $1.20 and $1.60
The risk of capitulation remains if ADA breaks below $0.64, potentially triggering deeper retracement. However, buyers are currently defending this crucial level. Moving averages and momentum indicators suggest selling pressure is beginning to fade—typically a signal that precedes bullish reversals.
Fundamental Drivers Supporting ADA
Beyond the technical setup, Cardano's fundamentals provide additional support for potential upside. The ecosystem continues expanding with growing DeFi activity and increasing total value locked (TVL). ADA staking remains attractive to both institutional and retail participants, while broader crypto sentiment is improving alongside Bitcoin and Ethereum's recent strength.
Market Forecast
Maintaining support near $0.64–$0.70 could trigger a rally toward $0.90–$1.20 in the near term. A clean breakout above these levels would open the path for extended moves toward $1.60. However, any breakdown below $0.64 would likely postpone bullish momentum and extend the consolidation period.
Saad Ullah
