The analysis focuses on Cardano (ADAUSD) price action, primarily using a 1-hour chart to detail immediate movements within a broader daily chart context. The long-term perspective reveals that ADAUSD has been in a corrective phase for over a year, experiencing a decline exceeding 70%, indicating a prevailing bearish trend. On the smaller timeframe, the price has recently bounced from a support level towards a resistance area. For a confirmed bullish reversal, the analyst stipulates two critical conditions: the market must maintain price action above the key support at 0.387211 cents, which corresponds to the 78.6% Fibonacci retracement level of the last decline, and then decisively break above the initial resistance at 0.444890 cents, identified as the 78.6% retracement of the prior micro-decline. This breakthrough would indicate the initiation of a larger degree upward movement, potentially forming a 1-2 Elliott Wave setup. Conversely, a sustained drop below 0.387211 cents would invalidate the immediate bullish prospects. The current price action is characterized as range-bound, necessitating patience to observe market reactions to these defined critical areas of support and resistance.