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.

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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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