Cardano price is trading around $0.217, holding onto much of its recent recovery as ADA attempts to establish a more convincing short-term bullish structure.
According to More Crypto Online, the latest 4-hour setup could be important. The analyst believes the ADA price may have completed a five-wave advance from its August 31 low, potentially leaving Cardano in a bullish wave 1-2 structure.
If that interpretation holds, the current pullback could be the setup for a much stronger wave 3 advance. But the chart also provides a clear line in the sand: $0.197–$0.214 needs to hold for the direct bullish scenario to remain intact.
What you'll learn 👉
More Crypto Online Predicts a Bullish 1-2 Setup
The chart shows ADA recovering strongly after bottoming around $0.188–$0.190 on August 31.
More Crypto Online counts the subsequent advance as five smaller Elliott Waves, with ADA eventually approaching the $0.228–$0.241 resistance zone. The rally was rejected before ADA could decisively break through that area, sending the price back toward $0.217.
The analyst doesn’t necessarily view that rejection as bearish.
Instead, the five-wave advance could represent wave 1 of a larger bullish sequence, while the current decline forms wave 2. Under Elliott Wave theory, that would leave wave 3 as the next potential move.
The immediate Fibonacci support levels reinforce this scenario. The chart places the 38.2% retracement at approximately $0.2146, followed by $0.2096 at the 50% level, $0.2046 at 61.8% and $0.1977 at 78.6%.
That makes $0.197–$0.214 the key area to watch.
As long as buyers defend this zone, More Crypto Online’s direct bullish scenario remains possible.
What Happens If ADA Holds $0.197?
If ADA completes its pullback inside the current support area and begins moving higher, the first major test remains $0.228–$0.241.
That zone has already rejected the latest advance, so simply bouncing from support would not be enough to confirm a larger breakout.
ADA would need to recover $0.228 and then push decisively through approximately $0.241.
The chart’s bullish Elliott Wave path then points toward a considerably larger wave 3 advance, potentially taking Cardano toward the $0.27–$0.28 region. Longer-term projections on the chart extend toward approximately $0.31–$0.32, although those levels depend on the bullish sequence continuing to develop.
The more immediate roadmap is therefore:
$0.197–$0.214 support → $0.228–$0.241 resistance → potential $0.27–$0.28 wave 3 target.
Read also: Cardano Price News: ADA Is Up 69%, But Now Comes the Real Test
ADA Still Has a Bearish Scenario
The setup isn’t without risk.
More Crypto Online says a break below approximately $0.197 would make a wider corrective move increasingly likely. The chart identifies the larger support region between approximately $0.157 and $0.188.
Within that area, Fibonacci levels appear at $0.1887, $0.1753 and $0.1579.
The analyst places particular importance on $0.189. Losing that level would formally invalidate the smaller bullish 1-2 setup he is currently tracking.
That doesn’t necessarily destroy Cardano’s entire longer-term structure, but it would mean the expected direct wave 3 rally was probably not developing as planned.
For now, ADA is comfortably above $0.197, meaning bulls still control the immediate setup. The bigger confirmation, however, would come only if Cardano breaks the $0.228–$0.241 ceiling.
Cardano Has Two October Catalysts Ahead
The technical setup arrives as Cardano prepares for two ecosystem developments in October.
RealFi says it will launch on Cardano mainnet on October 1. The project reports that more than 3,600 users participated during its Pioneer Season on the public testnet.
RealFi is designed around real-world finance and includes USDr, a dollar-denominated asset. The project has described its testnet as demonstrating USDr alongside lending backed by real economic activity.
The claim that the RealFi announcement itself caused a 7% ADA rally should be treated cautiously. ADA may have risen around the announcement, but timing alone doesn’t establish that RealFi was responsible for the entire move.
Cardano will also participate in the TOKEN2049 Origins Hackathon in Singapore in October, with builders challenged to develop applications for the emerging agentic economy using x402.
The 36-hour development event is intended to encourage developers to build new Cardano applications, giving the ecosystem another opportunity to attract builders and expand practical use cases.
Neither development guarantees higher ADA prices. What matters longer term is whether launches and developer initiatives translate into applications, users and sustained on-chain activity.
Technically, however, the picture is much simpler. ADA needs to defend $0.197–$0.214 and then break $0.228–$0.241. If it does, More Crypto Online’s wave 3 scenario toward roughly $0.27–$0.28 becomes considerably more interesting.
Subscribe to our YouTube channel for daily crypto updates, market insights, and expert analysis.
