ADA: Cardano has reached standard Fibonacci support for the first time in the correction that started in early October, after a 3-wave decline.
Leading Scenario: The pullback is tracked as wave 2 or wave B, and from the $0.162 - $0.216 support zone, ideally the $0.198 - $0.216 area, the market could attempt a bounce in wave B in the coming week. Resistance sits between $0.236, where the yellow channel line is, and $0.274 at the upper boundary of the channel.
Risk Scenario: The correction is still short compared to the months-long rally from the June low, so a corrective bounce is likely to be rejected at resistance, followed by a C-wave decline toward the 16 September and 30 August swing lows at $0.182 - $0.198.
Key Support Levels: $0.198 - $0.216 / $0.182 - $0.198 / $0.162
Key Resistance Levels: $0.236 - $0.274
Bottom Line: A bounce in wave B is likely, but as long as it stays corrective, another C-wave decline into support is expected.












