Peter Smith
⬤ Cardano stayed steady this week while ADA tested the main support band that sits between $0.32 and $0.44. That price band has steered long term moves for years. The weekly chart printed a sharp bounce right at the Point of Control, which shows the level still matters. The wider view however, has not yet proved that ADA has carved a durable bottom.
⬤ The support strip overlaps key Fibonacci retracements and the price region near $0.38 - $0.39 where heavy turnover has taken place in earlier cycles. The weekly volume profile records strong accumulation inside that strip. The bounce signals that traders are guarding the level - yet ADA keeps quoting under the down trend line that has ruled since mid-2024.
⬤ A clear five wave advance would add weight to the idea that the low is set. At the moment ADA changes hands near $0.46, slightly above the support cluster but still under the main weekly resistance. The defence of support is encouraging - yet the chart lacks the confirmation required to label the move a genuine reversal.
⬤ The outcome carries weight because ADA's action around this long term support zone could shape mood across the wider altcoin space. If price remains above the Point of Control, confidence in the consolidation phase would rise - if price breaks down, the danger of a fall toward lower levels would increase. The coming weeks will reveal whether ADA can shift from guarding support to creating sustained upward drive.
Peter Smith
