Cardano (ADA) entered another short-term pullback after failing to sustain its recent recovery attempt, with traders closely watching whether the current support structure can prevent a deeper decline. According to More Crypto Online, there is still a chance of a bullish correction, as indicated by the Cardano technical analysis, although with little conviction.
ADA is retreating in a straightforward three-wave correction. The bullish pattern in Cardano’s technical analysis remains intact, provided that prices remain above the support region of $0.257-$0.249 and allow ADA another chance to test the resistance level of $0.30-$0.35.
However, ADA is experiencing heavy selling pressure and is unable to hold gains above recent peaks, especially above the $0.299-$0.317 range.
Source: X
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Cardano Technical Analysis Suggests Corrective Recovery Attempt
In this phase of Cardano technical analysis, ADA continues to be weak despite its fall below $0.40. This price fall caused a bearish formation characterized by lower highs and lower lows. After this, ADA has been ranging, and there is an expectation of an Elliott Wave correction.
Currently, ADA is believed to have formed a “B” wave low around the $0.227-$0.233 support zone. ADA may continue to rally towards $0.317, $0.329, and even $0.349.
The most important aspect of this Cardano technical analysis is the retracement zone from $0.249 to $0.263. ADA is currently trading at the lower end of this zone at about $0.255.
A breakout from this level will see ADA rise towards $0.28 and perhaps even $0.30. However, a move below $0.249 would make ADA vulnerable to downside targets of $0.233 and $0.227.
Lace Wallet Upgrade Draws Attention Across Cardano Ecosystem
While traders remain focused on Cardano technical analysis, Charles Hoskinson, the founder of Cardano, emphasized the continuous efforts of the ecosystem after announcing the latest update of the Lace wallet.
According to the Lace team, Lace 2.0 is not an ordinary update but represents a new system that helps achieve better scalability and faster development.
The team also mentioned that even more enhancements are currently underway. They include enhancing the usability of the wallet, increasing speed, and community upgrades.
As for Charles Hoskinson, he later reshared the announcement, which proves that the wallet will become ever more crucial for Cardano in the future.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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