06Feb

Cardano Crypto Price News Today & ADAUSD Elliott Wave Technical Analysis: Corrective Wave II, Forming a Double Corrective Structure

ADA/USD (Cardano) Elliott Wave Analysis & Trading Strategy

ADA/USD Daily Chart Analysis

ADAUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave ((Y))

Next Higher Degree Direction: Bullish if price remains above 0.506

Invalidation Level: 0.506

ADA/USD Technical Details

Cardano (ADAUSD) is currently forming a Corrective Wave II, suggesting a temporary pullback before a potential uptrend continuation. The structure follows a double corrective pattern (W)-(X)-(Y), with key Fibonacci retracement support near 0.535 (0.786 Fib Level). The long-term bullish outlook remains intact as long as price does not break below 0.506.

ADA/USD Daily Chart Trading Strategy

Buy Strategy (Long Position)

  • Enter a long position if the price reverses from the 0.535 support level.
  • Target the 1.327 zone for potential profit-taking.

Risk Management

  • Wave Cancellation Level: 0.506

  • If price drops below 0.506, the Elliott Wave structure becomes invalid, requiring a reassessment of the market trend.

ADAUSD-1d-crypto-cha...


ADA/USD (Cardano) Elliott Wave Analysis - TradingLounge 4H

ADA/USD 4-Hour Chart Analysis

ADAUSD Elliott Wave Technical Overview

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave ((Y))

Next Higher Degree Direction: Bullish if price remains above 0.506

Invalidation Level: 0.506

ADA/USD Technical Details

Cardano (ADAUSD) remains within Corrective Wave II, forming a double corrective pattern (W)-(X)-(Y). The key support level is near 0.535 (0.786 Fibonacci Retracement), where a potential price reversal may occur. The bullish trend remains intact unless ADAUSD breaks below 0.506.

ADA/USD 4-Hour Chart Trading Strategy

Buy Strategy (Long Position)

  • Entry Point: If price finds support at 0.535, consider a long position.
  • Profit Target: Look to take profits around the 1.327 resistance level.

Risk Management

  • Wave Cancellation Level: 0.506

  • If ADAUSD falls below 0.506, the current Elliott Wave structure would be invalid, signaling a need to reconsider trading positions.

Technical Analyst: Kittiampon Somboonsod

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

Previous: THETAUSD Elliott Wave Technical Analysis

VALUE Offer - Buy 1 Month & Get 3 Months!Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

ADAUSD-4h-crypto-cha...


Conclusion

Cardano (ADAUSD) is in a corrective phase, but its long-term bullish trend remains intact as long as it stays above 0.506. Traders can consider long positions from the 0.535 support level, aiming for profits near 1.327, while maintaining strict risk management to avoid invalid setups.

For more Elliott Wave insights and market updates, keep monitoring ADAUSD price action. 🚀

Related

S&P 500 ELLIOTT WAVE ANALYSIS, 4 NOV. 2021

S&P 500 ELLIOTT WAVE ANALYSIS, 4 NOV. 2021

SP500 NASDAQ 100 Russell 2000 Technical Analysis Elliott Wave Forecast & Trading. S&P 500: Bullish t...

Read More >
Indian Stock Market Update on OIL & NATURAL Gas Co. Stock Analysis: ONGC Elliott Wave Technical Analysis & Price Prediction

Indian Stock Market Update on OIL & NATURAL Gas Co. Stock Analysis: ONGC Elliott Wave Technical Analysis & Price Prediction

Discover comprehensive ONGC stock analysis featuring Elliott Wave forecasts, technical analysis, and...

Read More >
Tech Stock Forecast: AAPL, NVDA, AMZN Lead While TSLA, MSFT, GOOGL Lag...

Tech Stock Forecast: AAPL, NVDA, AMZN Lead While TSLA, MSFT, GOOGL Lag...

The Elliott Wave analysis indicates an upward movement (Wave (ii) of iii)) for the SP500 and NASDAQ ...

Read More >
ASX LIMITED Elliott Wave Analysis: Technical Outlook, Price Targets, Bullish Trend, and Market Predictions for Investors

ASX LIMITED Elliott Wave Analysis: Technical Outlook, Price Targets, Bullish Trend, and Market Predictions for Investors

Elliott Wave analysis for ASX LIMITED (ASX) provides a comprehensive technical outlook on the stock&...

Read More >
Riding the Uptrend: ChainLink/U.S. Dollar (LINKUSD) Elliott Waves Technical Analysis by Expert

Riding the Uptrend: ChainLink/U.S. Dollar (LINKUSD) Elliott Waves Technical Analysis by Expert

Discover the keys to unlocking profitable trades in the ChainLink/USD (LINKUSD) market with expert i...

Read More >

Buy 1 Month

Get 3 Months!

Special Offer:

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competive edge with expert insights in to:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Social Chat
  • Elliott Wave Algorithm
  • Screener
  • TradingLevels
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
-Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on