Cardano's ADA recently hit a 10-month low of $0.279 but has since rebounded to around $0.37. While still below its level from four weeks ago, this recovery has renewed some interest. The upcoming Chang Hard Fork could be a significant boost for ADA, aiming to introduce a new governance system that enhances decentralization and potentially lifts market sentiment.

The ADA chart indicates a potential five-wave move to the upside, although recent dips have weakened the bullish outlook. For ADA to complete a diagonal structure, it needs to see further upward waves, potentially pushing the price to 48-49 cents. However, ADA must stay above the recent low of 34 cents to avoid a downtrend toward the 33.6-35.9 cent support zone.

ADA is currently testing the 50-day moving average, a crucial resistance level. If it breaks above this, ADA could target 43 cents or higher, signaling a possible breakout. Bitcoin's performance will play a key role, as a Bitcoin rally could positively impact ADA and other altcoins.