ADA After Channel Breakout — What’s Next?

ADA has broken out of a downtrend channel and signals the start of a new trend. The breakout also came with higher volume that shows us that buyers are full of power.
The 3rd Elliot wave looks complete to me, so I'm expecting the market may correct into wave 4 before the next impulse up.

Scenarios:

Bullish:

• Price holds above 0.82-0.85 support
  
• Next targets are 1.11 and 1.20-1.25 later
  

Bearish/correction:

• If 0.85 fails, price may fall to 0.72-0.75
  

RSI hints a correction, but the buy volume supports bulls

Key levels:

Support: 0.85
Resistance: 1.11
Target: 1.25

Disclaimer: The author’s opinion may not align with yours.