Cardano (ADAUSD) Elliott Wave Analysis – Daily Chart
ADA/USD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Double Corrective
Position: Wave ((Y))
Next Higher Degree Direction: Uptrend Initiation
Wave Cancelation Invalid Level: Below 0.512 USD
Analysis: ADA/USDT has likely completed Wave II and is now entering Wave 1 of Wave III. The initial target projection stands at 1.327 USDT, marking the next potential bullish phase.
ADA/USD Trading Strategy
Current Trend: ADA is at the early stage of Wave 1 uptrend, following the completion of Wave II. The price established support at 0.512 USD, forming a WXY pattern. The ongoing wave structure indicates a bullish breakout in Wave 1 of III.
Trading Strategies
Long Strategy:
Risk Management:
- If price drops below 0.512 USD, the wave count structure becomes invalid, indicating a potential shift in market direction.
Cardano (ADAUSD) Elliott Wave Analysis – H4 Chart
ADA/USD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Double Corrective
Position: Wave ((Y))
Next Higher Degree Direction: Uptrend Initiation
Wave Cancelation Invalid Level: Below 0.512 USD
Analysis: ADA/USDT appears to have completed Wave II and is now transitioning into Wave 1 of Wave III. The projected first target remains at 1.327 USDT, reinforcing a bullish sentiment.
ADA/USD Trading Strategy
Current Trend: ADA is confirming the Wave 1 uptrend, having previously completed Wave II. The asset established a key support level at 0.512 USD, forming a WXY pattern. Current price action suggests a bullish continuation as Wave 1 of III takes shape.
Trading Strategies
Long Strategy:
- Open long positions when the price surpasses the 0.831 resistance level, confirming further bullish momentum in Wave (3).
Risk Management:
- If ADA drops below 0.512 USD, the current Elliott wave count is invalid, suggesting a potential market reversal.
Technical Analyst: Kittiampon Somboonsod
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