Independent crypto analyst and YouTube chartist More Crypto Online sees a potentially significant bullish structure forming on Cardano (ADA) — but stops well short of calling a full trend reversal.
In a new update focused on ADA’s recent price action, the analyst identifies a “pretty nice five wave move to the upside” starting from the December 31 low.
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In Elliott Wave terms, five waves up from a potential bottom often mark the beginning of a larger uptrend. The move, however, is described as “not the cleanest” and, crucially, “way too early to confirm a meaningful trend reversal.”
Bullish Setup Hinges On Two Key Support Zones
The core of the analysis is conditional.
To keep the bullish count alive, the analyst wants to see ADA pull back in a *three-wave* corrective structure (an ABC), not a full impulsive five-wave decline. That would support the idea of a wave 2 correction following the initial five-wave rise from the December 31 low.
He highlights a “micro support area” between $0.391 and $0.412. As long as the pullback into this zone is corrective, “we can give the bulls the benefit of the doubt,” he says. A decisive move below $0.391 would make it “more probable that the wave 2 has already started” in a deeper correction.
The broader, more critical level sits at $0.349. Above that price, the analyst maintains the working scenario of a larger ABC pullback before another potential leg higher.
Bitcoin Correlation Amid ADA’s 48.5 Cent Trigger
The ADA outlook is explicitly tied to the wider crypto market, particularly Bitcoin.
The analyst notes that Bitcoin may still be in a larger corrective structure, with the possibility of “one more low.” As long as that scenario is on the table, he argues, ADA also faces the risk of another leg down, even if the five-wave rally from late December holds for now.
For confirmation of a more serious bullish shift, ADA would need to break above $0.485 — the swing high from December 9. A move through that level would be “next evidence” in favor of a trend reversal, but the video stops short of treating it as a certainty.
What It Means For Investors
In practical terms, the analysis frames ADA as being in a fragile early-stage bullish setup rather than a confirmed new uptrend. Higher prices are “on the table” as long as:
- The current pullback remains a three-wave structure
- Price holds above Cardano’s long-term $0.349 support line
- No clear five-wave decline emerges to hand the lead back to the bears
For traders watching ADA, the levels $0.412, $0.391, $0.349, and the $0.485 resistance form the key technical map laid out in the video.
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People Also Ask
No. He explicitly says it’s too early to confirm a meaningful trend reversal.
A clear five-wave decline down from current levels and a break below $0.349 would strongly favor a bearish continuation.
It’s the December 9 swing high; a break above it would be important evidence that the bullish structure is gaining traction.
