Cardano (ADAUSD) Elliott Wave Technical Analysis 25 October 2022

Elliott Wave Analyst - tradinglounge • Oct 24, 2022 at 11:58 PM EDT

Wave 5 may end and the price is on the uptrend again. but must not reverse below 0.329

Elliott Wave Analysis TradingLounge Daily Chart, 25 October 2022, Cardano (ADAUSD)

ADAUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave 1

Direction Next higher Degrees: Sub-wave of Wave (1)

Details: Wave 5 may end and the price is on the uptrend again. but must not reverse below 0.329

Wave Cancel invalid Level: 0.3890

Cardano (ADAUSD)Trading Strategy: Wave ((5) is likely to end at the 0.329 level and the price is reverting to an uptrend. But since it is the first phase of the trend, there is a chance of correction, where the retracement does not make a new low as an opportunity to rejoin the trend.

Cardano (ADAUSD)Technical Indicators: MACD Histogram has Bullish divergence and MACD Cross signal line Bullish momentum The price has a chance of reversal.

(Click on image to enlarge)

Cardano (ADAUSD)

ADAUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave 1

Direction Next higher Degrees: Sub-wave of Wave (1)

Details: Wave 5 may end and the price is on the uptrend again. but must not reverse below 0.329

Wave Cancel invalid Level: 0.3890

Cardano (ADAUSD)Trading Strategy: Wave ((5) is likely to end at the 0.329 level and the price is reverting to an uptrend. But since it is the first phase of the trend, there is a chance of correction, where the retracement does not make a new low as an opportunity to rejoin the trend.

Cardano (ADAUSD)Technical Indicators: MACD Histogram and MACD have Bullish divergence The price has a chance of reversal.

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