ADAUSD Elliott Wave Analysis: TradingLounge Daily Chart for Cardano

Cardano/ U.S. dollar(ADAUSD) Day Chart Analysis

ADAUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave C

Direction Next Higher Degrees: Wave (II) of Impulse

Wave Cancel Invalid Level: -

Details: Wave II equals 61.8% of Wave I at 0.358

Cardano (ADAUSD) Trading Strategy:

The correction in wave (II) is expected to test the 61.8% level (0.359) before rising again in wave (III). Wait for the correction to complete before rejoining the uptrend.

Cardano (ADAUSD) Technical Indicators:

• The price is below the MA200, indicating a downtrend.
• The Wave Oscillator shows bearish momentum.

ADAUSD Elliott Wave Analysis: Trading Lounge H4 Chart for Cardano

Cardano/ U.S. dollar(ADAUSD) 4-Hour Chart Analysis

ADAUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave 4

Direction Next Higher Degrees: Wave C of Flat

Wave Cancel Invalid Level: -

Details: A short-term pullback in wave 4 before falling again in wave 5.

Cardano (ADAUSD) Trading Strategy:

The correction in wave (II) is likely to test the 61.8% level (0.359) before rising again in wave (III). Wait for the correction to complete before rejoining the uptrend.

Cardano (ADAUSD) Technical Indicators:

• The price is below the MA200, indicating a downtrend.
• The Wave Oscillator shows bearish momentum.

Technical Analyst:  Kittiampon Somboonsod

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

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