Cardano (ADAUSD) Elliott Wave Analysis - TradingLounge Daily Chart

ADAUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave ((Y))

Direction Next Higher Degrees: –

Wave Cancel Invalid Level: –

Details: ADA/USD is forming a Corrective Wave II. The long-term bullish trend remains intact as long as the price stays above 0.506.

ADA/USD Trading Strategy

Currently, ADA/USD is navigating through Corrective Wave II with a (W)-(X)-(Y) structure, finding strong support near the 0.786 Fibonacci Retracement level at 0.535.

Trading Strategies

Buy Strategy (Long Position):

• If the price rebounds from 0.535, aim for profits above 1.327.

Risk Management:

• Wave Cancel Invalid Level: 0.506 (A drop below this level invalidates the current Elliott Wave pattern).

Cardano (ADAUSD) Elliott Wave Analysis - TradingLounge H4 Chart

ADAUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave ((Y))

Direction Next Higher Degrees: –

Wave Cancel Invalid Level: –

Details: ADA/USD is in the process of developing Corrective Wave II. The bullish outlook holds as long as the price remains above 0.506.

ADA/USD Trading Strategy

Currently, ADA/USD is maintaining its Corrective Wave II structure (W)-(X)-(Y), with key support at the 0.786 Fibonacci Retracement level of 0.535.

Trading Strategies

Buy Strategy (Long Position):

• If the price starts recovering from 0.535, set a profit target above 1.327.

Risk Management:

• Wave Cancel Invalid Level: 0.506 (If the price drops below this level, the current Elliott Wave structure becomes invalid).

Technical Analyst: Kittiampon Somboonsod

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