03Feb

Cardano (ADAUSD) Elliott Wave Technical Analysis, Price Prediction, Trading Strategies, Support & Resistance, and Market Trends

ADA/USD (Cardano to U.S. Dollar) Elliott Wave Analysis - TradingLounge Daily Chart

ADAUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave C

Next Higher Degree Direction:

Wave Cancel Invalid Level:

ADA/USD (Cardano to U.S. Dollar) Trading Strategy:

The current Elliott Wave structure of ADAUSD suggests a correction within Corrective Wave II. This wave could lead the price to test the critical support zone between 0.53 USD and 0.32 USD. Traders should monitor reversal signals from both the wave structure and technical indicators before opening any position.

Trading Strategies

  • Buy Strategy (Long Position):

    • • Wait for ADAUSD to reach the Wave C target near 0.53 USD or for the completion of the price structure. Confirm reversal signals through RSI or other technical indicators before entering a long position.
  • Risk Management:

    • • Exit your position immediately if the price falls below the Wave C Invalid Level (0.32 USD) to minimize losses.

ADAUSD-1d-crypto-cha...


ADA/USD (Cardano to U.S. Dollar) Elliott Wave Analysis - TradingLounge 4-Hour Chart

ADAUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave C

Next Higher Degree Direction:

Wave Cancel Invalid Level:

ADA/USD (Cardano to U.S. Dollar) Trading Strategy:

ADAUSD is currently in a corrective phase as part of Wave II, indicating a potential drop to the key support levels between 0.53 USD and 0.32 USD. Observing reversal patterns and indicator signals is crucial before making any trading decisions.

Trading Strategies

  • Buy Strategy (Long Position):

    • • Consider buying when the price approaches the 0.53 USD support level or when the corrective structure completes. Look for RSI or other technical indicators to confirm the reversal.
  • Risk Management:

    • • To limit risk, close your position if ADAUSD breaks below the Wave C Invalid Level (0.32 USD).

Technical Analyst: Kittiampon Somboonsod

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

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