Cardano (ADA) Coin News Teeters on Knife's Edge: $0.756 Support Could Unleash Explosive Rally

Cardano's price action has reached a critical juncture that could make or break its recent bullish momentum. ADA now faces its biggest test yet - a key Elliott Wave support level that could determine the next major move.

ADA Tests Make-or-Break Fibonacci Support

Cardano (ADA) sits at $0.787, down 1.01% in the past day. The price has already touched the 38.2% Fibonacci retracement at $0.786, which is textbook territory for Elliott Wave's wave-4 correction.

ADA's fate hinges entirely on whether it can defend the $0.756 support level. This isn't just any random support - it's the line in the sand that separates continued bullishness from potential disaster. Wave-4 corrections typically retrace between 23.6% to 38.2%, and ADA has hit that zone perfectly.

Explosive Upside Targets if Bulls Defend Key Level

If ADA holds above $0.756, multiple upside targets await. The immediate target sits at $0.808 (1.236 Fibonacci extension), followed by $0.820 (1.38), $0.841 (1.618), and the ultimate prize at $0.856 (1.786 extension) - representing nearly 9% upside potential.

However, a decisive break below $0.756 would shatter the Elliott Wave structure and trigger deeper losses toward $0.713 or $0.700 - significant declines that would likely spark widespread stop-loss hunting.