Cardano Price Now Hinges on Successful 5-Wave Advance

Cardano's (ADA) price action is now heavily reliant on a 5-wave advance from its August 31 lows, according to an Elliott Wave-based technical analysis. This theory suggests that if the support bubble at $0.197-$0.214 holds, the initial rejection at the $0.228-$0.241 resistance level can flip into support.

The leading scenario provided by the analyst is that Cardano's Wave 3 could take the altcoin towards $0.28, but there's also a chance of a downward slope to roughly $0.157-$0.188, an area where buyers tend to step in.

Other on-chain metrics looked fragile, with Cardano's SuperTrend price hovering slightly below the actual price of $0.21, and big-time investors were mixed in sentiment about calling the bottom. The Bull Bear Power (BBP) has shifted towards bearish, meaning more coin distribution is happening at the red zone.