Elliott Wave Analysis TradingLounge Daily Chart, 19 December 2022,

Cardano / U.S.dollar(ADAUSD)

ADAUSDElliott Wave Technical Analysis

Function:Follow trend

Mode:Motive

Structure:Diagonal

Position: Wave 5

Direction Next higher Degrees: Sub-wave of Wave C

Details: The diagonal decline of wave 5 should not exceed the length of wave 3.

Wave Cancel invalid level:

Cardano / U.S. dollar (ADAUSD) Trading Strategy: Cardano is still under selling pressure as it remains below the MA200 and MA50, but as the price is in the late series of ElliottwaveDiagonal declines as well as the bullish divergence from the wave oscillator, the price is likely to reverse. But even so, the selling pressure remains. Trading should be done with caution during this time.

Cardano / U.S. dollar (ADAUSD)Technical Indicators: The price is below the MA200 MA50, indicating a downtrend. The wave oscillators above Zero-Line momentum are bearish.

(Click on image to enlarge)

Elliott Wave Analysis TradingLounge 4H Chart, 19 December 2022,

Cardano / U.S.dollar(ADAUSD)

ADAUSDElliott Wave Technical Analysis

Function:Follow trend

Mode:Motive

Structure:Diagonal

Position: Wave 5

Direction Next higher Degrees: Sub-wave of Wave C

Details: The diagonal decline of wave 5 should not exceed the length of wave 3.

Wave Cancel invalid level:

Cardano / U.S. dollar (ADAUSD)Trading Strategy: Cardano is still under selling pressure as it remains below the MA200 and MA50, but as the price is in the late series of ElliottwaveDiagonal declines as well as slow down from the wave oscillator, the price is likely to reverse. But even so, the selling pressure remains. Trading should be done with caution during this time.

Cardano / U.S. dollar (ADAUSD)Technical Indicators: The price is below the MA200 MA50, indicating a downtrend. The wave oscillators slow down Momentum opportunity Changes are bullish.

(Click on image to enlarge)

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