Cardano (ADA) has maintained its position above the critical $0.51 support level, indicating a bullish momentum that traders are closely monitoring. The recent break above the yellow descending trendline on the daily chart suggests a potential new bullish phase, with higher lows forming. This price structure supports both the yellow and white scenarios, keeping the bullish outlook intact as long as the price remains above $0.51.
ADA’s price has shown steady gains, rebounding from support near $0.58 and climbing to a recent high of $0.7244. According to analysis, the asset has completed a wave structure labeled A to E, and the break above the descending yellow trendline could mark the beginning of a new phase. Traders are now focusing on the $0.87 mark as a key confirmation level for stronger momentum. A daily close above this point may indicate structural strength and attract more buyers to the market.
Derivatives data shows…
