Image Source: Pexels

Elliott Wave Analysis TradingLounge Daily Chart, 21 September 2022, Cardano (ADAUSD)
ADAUSD Elliott Wave Technical Analysis
Function: Fol ow trend
Mode: Motive
Structure: Impulse
Position: Wave ((3))
Direction Next higher Degrees: Wave 3 of Motive
Details: the price building in the sub-wave of wave III is likely to trade below 0.4050.

but not above 0.4908
Wave Cancel invalid Level: 0.4908
Cardano (ADAUSD)Trading Strategy: Bear Market Efforts The price tends to trade below the 0.4000 level as the price has already tested resistance at the MA50 area and failed to pass. The price is likely to reverse the downtrend again.

Cardano (ADAUSD)Technical Indicators: The price is below the MA50, and MA200
line indicating a downtrend. MACD Histogram has a HiddenBearish divergence, and the price has an opportunity reversal.
TradingLounge Analyst: Kittiampon Somboonsod
 

Elliott Wave Analysis TradingLounge 4H Chart, 21 September 2022, Cardano (ADAUSD)
ADAUSD Elliott Wave Technical Analysis
Function: Fol ow trend
Mode: Motive
Structure: Impulse
Position: Wave ((3))
Direction Next higher Degrees: Wave 3 of Motive
Details: the price building in the sub-wave of wave III is likely to trade below 0.4050.

but not above 0.4908
Wave Cancel invalid Level: 0.4908
Cardano (ADAUSD)Trading Strategy: Bear Market Efforts The price tends to trade below the 0.4000 level as the price has already tested resistance at the MA50 and MA200 area and failed to pass. The price is likely to reverse the downtrend again.

Cardano (ADAUSD)Technical Indicators: The price is below the MA50, and MA200
line indicating a downtrend. MACD Histogram has a HiddenBearish divergence, and the price has an opportunity reversal.

More By This Author:

US Stocks Technical Analysis - Wednesday, Sept. 21
Elliott Wave Technical Analysis: Dogecoin, Sept. 20
Elliott Wave Technical Analysis: Texas Instruments Inc., Sept. 20