ADAUSD Elliott Wave Analysis - TradingLounge Daily Chart

Cardano/ U.S. Dollar (ADAUSD) - Daily Chart Analysis

ADAUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave Y

Direction Next Higher Degrees: Wave (II)

Wave Cancel Invalid Level: Not specified

Details: The decline in Wave Y is likely nearing completion, with a potential re-entry into the uptrend.

Cardano/ U.S. Dollar (ADAUSD) - Trading Strategy

Cardano's current outlook suggests that the Wave 1 rally may be concluding. The price is expected to undergo a correction in Wave 2, potentially testing the 61.8% retracement level (0.365) of Wave 1 before resuming an upward movement in Wave 3. Traders should consider waiting for the correction to complete as a strategic entry point to rejoin the uptrend.

Cardano/ U.S. Dollar (ADAUSD) - Technical Indicators

• MA200: The price is trading below the 200-day moving average, indicating a bearish trend.

• Wave Oscillator: Bearish momentum is observed.

ADAUSD Elliott Wave Analysis - TradingLounge H4 Chart

Cardano/ U.S. Dollar (ADAUSD) - 4-Hour Chart Analysis

ADAUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave B

Direction Next Higher Degrees: Wave (2) of Impulse

Wave Cancel Invalid Level: Not specified

Details: Wave (2) is expected to retrace to the 61.8% level of Wave (1).

Cardano/ U.S. Dollar (ADAUSD) - Trading Strategy

Similar to the daily outlook, Cardano’s price is anticipated to complete its Wave 1 rally soon, entering a corrective phase in Wave 2. This correction is likely to test the 61.8% retracement level (0.365) before the price rises again in Wave 3. Traders should monitor the correction for an optimal point to enter the market in alignment with the larger uptrend.

Cardano/ U.S. Dollar (ADAUSD) - Technical Indicators

• MA200: The price remains below the 200-period moving average, reinforcing the downtrend.

• Wave Oscillator: Continues to indicate bearish momentum.

Technical Analyst:  Kittiampon Somboonsod

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

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