Cardano Unfazed Despite Bitcoin Volatility, 27% Rally Kicks Off

▲ Cardano (ADA)

Cardano (ADA) is signaling a powerful rally of over 27% through the formation of an Elliott Wave pattern, demonstrating distinctive upside potential even amid a bearish market.

According to crypto media outlet The Crypto Basic on February 17, analytics firm More Crypto Online reported that Cardano is forming an Elliott Wave pattern consisting of three waves on the 1-hour chart. Market analysts noted that Cardano has maintained relatively stable price action despite Bitcoin (BTC) volatility, recording the strongest performance among the top 11 assets by market capitalization.

Cardano is currently understood to have entered the sub-wave phase of the third wave. The first wave began at a low of $0.22 on February 6 and extended to $0.28, before completing the second wave with a correction to $0.25. Wave A, the first stage of the third wave, reached $0.30 on February 15, confirming upward momentum.

Analysts project two possible scenarios depending on how Wave B, the corrective sub-wave of the third wave, unfolds. The first scenario suggests an immediate rebound from the current macro support level to complete a diagonal pattern. Alternatively, if the correction extends, price action at the $0.26 support level could determine whether ADA declines toward the key support zone between $0.23 and $0.25, ranging from the 50% Fibonacci retracement level to the 78.6% Fibonacci retracement level.

If the Elliott Wave pattern completes successfully, Cardano’s final target price is projected at $0.364. This represents an increase of approximately 27% from current market levels. Analysts indicated that the price is currently consolidating within a specific range, building strength. Should the upward wave extend further, there remains the possibility of surpassing the proposed target.

Cardano continues its attempt to maintain bullish momentum while defending the key $0.26 support level. Even if short-term pullbacks occur, optimism for a strong rally is expected to remain valid as long as the overall Elliott Wave structure holds. Market participants are closely watching whether the price can solidify its support base and initiate a full-fledged upward move toward $0.364.

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