Usman Salis
⬤ Cardano posted a green hourly candle after days of selling pressure, hinting at possible stabilization near $0.38. This could mark the beginning of an upward wave (c), with buyers stepping in around the lower retracement zone. The price has been making lower highs and lower lows, but this recent move suggests some buying interest is returning.
⬤ The technical setup shows ADA stuck in a corrective phase within a larger downtrend. Elliott Wave patterns suggest a countertrend bounce might be forming, though price still sits below key resistance. The next major test comes at $0.407—clearing this level would flip the short-term structure and confirm the upward wave continuation.
⬤ The bigger picture remains shaky. Cardano is still trading well below resistance clusters between $0.48 and $0.53, zones that have rejected rallies multiple times recently. Several failed bounce attempts in recent sessions mean traders need solid confirmation before calling any real trend change.
⬤ What happens at $0.407 matters beyond just Cardano—it often reflects broader sentiment across mid-cap cryptocurrencies. Pushing through this resistance would signal improving momentum and could support a wider recovery story. But if ADA fails here, the corrective pattern stays intact. Right now, all eyes are on whether this green candle leads to actual follow-through or just another false start.
Usman Salis
