Elliott Wave Technical Analysis: Cardano Crypto Price News For Friday, Aug 23

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Elliott Wave Analysis TradingLounge Daily Chart

Cardano/ U.S. dollar(ADAUSD)

ADAUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

position: Wave Y

Direction Next higher Degrees: wave (II)

Wave Cancel invalid level: 

Details: The decline of wave Y is likely to end and the price is re-entering the uptrend.

Cardano/ U.S. dollar(ADAUSD)Trading Strategy:
Overall the correction in wave (II) position is likely to end and price is now rising again in wave (III). Look for an opportunity to join the uptrend from a short-term pullback.

Cardano/ U.S. dollar(ADAUSD)Technical Indicators:
The price is above the MA200 indicating an Uptrend. The Wave Oscillator is a Bullish Momentum.

 

Elliott Wave Analysis TradingLounge H4 Chart

Cardano/ U.S. dollar(ADAUSD)

ADAUSD Elliott Wave Technical Analysis 

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

position: Wave Y

Direction Next higher Degrees: wave (II)

Wave Cancel invalid level: 

Details: The decline of wave Y is likely to end and the price is re-entering the uptrend.

Cardano/ U.S. dollar(ADAUSD)Trading Strategy:
Overall the correction in wave (II) position is likely to end and price is now rising again in wave (III). Look for an opportunity to join the uptrend from a short-term pullback.

Cardano/ U.S. dollar(ADAUSD)Technical Indicators:
The price is above the MA200 indicating an Uptrend. The Wave Oscillator is a Bullish Momentum.

Technical Analyst: Kittiampon Somboonsod

Source: Tradinglounge.com

 

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