ADA/USD (Cardano vs U.S. Dollar) Elliott Wave Analysis – TradingLounge Daily Chart
ADA/USD Elliott Wave Technical Overview
Function: Counter-Trend
Mode: Corrective
Structure: Flat
Current Position: Wave ((C))
Next Direction (Higher Degree): Wave II
Invalidation Level: Not specified
ADA/USD Trading Strategy – Daily View
Cardano (ADA/USD) is currently undergoing a corrective phase within the Elliott Wave framework, classified under Wave II. This movement reflects a retracement and is now testing a strong support zone near $0.5544, aligning with the 0.618 Fibonacci retracement of Wave I.
Trading Strategies
Strategy Overview:
✅ Short-Term Traders (Swing Trading)
📌 Bullish Scenario:
- If ADA/USD sustains above the key $0.5544 support and starts showing a bullish reversal pattern, initiating a Buy position may be suitable.
- The target for the upward wave movement is projected near $0.8500.
- A confirmed breakout above the designated bullish level will validate upward momentum.
Risk Management:
- A break below the crucial $0.2850 support will invalidate the current bullish Elliott Wave formation.
ADA/USD (Cardano vs U.S. Dollar) Elliott Wave Analysis – TradingLounge H4 Chart
ADA/USD Elliott Wave Technical Overview
Function: Counter-Trend
Mode: Corrective
Structure: Flat
Current Position: Wave ((C))
Next Direction (Higher Degree): Wave II
Invalidation Level: Not specified
ADA/USD Trading Strategy – H4 View
In the 4-hour timeframe, Cardano remains within the corrective Wave II phase of the Elliott Wave model. It is approaching a significant support region around $0.5544, consistent with the 0.618 Fibonacci retracement level from Wave I.
Trading Strategies
Strategy Overview:
✅ Short-Term Traders (Swing Trading)
📌 Bullish Scenario:
- If ADA/USD stays above $0.5544 and initiates a bullish reversal, it presents a favorable opportunity for a Buy setup.
- The target remains at $0.8500.
- A breakout above the bullish threshold confirms a strong bullish outlook.
Risk Management:
- A drop below $0.2850 negates the bullish wave structure and suggests a shift in trend.
Technical Analyst: Kittiampon Somboonsod
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