Elliott Wave Technical Analysis - Cardano Crypto Price News Today
Elliott Wave Analysis TradingLounge Daily Chart
ADA/ 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 Cancel Invalid Level:
Details: ADA/USDT appears to have completed wave II and is now initiating wave 1 of wave III. The first projected target is 1.327 USDT.
ADA/ U.S. Dollar (ADAUSD) Trading Strategy
ADA is currently in the early stages of wave 1 uptrend. After completing wave II, the price was established as a base at the lowest support level of 0.512 USD, which was concluded in a WXY pattern. The price movement is forming wave 1 of III, signaling the start of an uptrend.
Trading Strategies
-
Strategy
- Long Strategy
- Accumulate when the price breaks through the 0.831 resistance level for a long-term hold in wave (3).
- Long Strategy
-
Risk Management
- If the price drops below 0.512 (Wave Count Invalid), it will indicate an incorrect wave structure.
Elliott Wave Analysis TradingLounge H4 Chart
ADA/ 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 Cancel Invalid Level:
Details: ADA/USDT appears to have completed wave II and is now initiating wave 1 of wave III. The first projected target is 1.327 USDT.
ADA/ U.S. Dollar (ADAUSD) Trading Strategy
ADA is currently in the early stages of wave 1 uptrend. After completing wave II, the price established a base at the lowest support level of 0.512 USD, concluding in a WXY pattern. The price movement is forming wave 1 of III, signaling the start of an uptrend.
Trading Strategies
-
Strategy
- Long Strategy
- Accumulate when the price breaks through the 0.831 resistance level for a long-term hold in wave (3).
- Long Strategy
-
Risk Management
- If the price drops below 0.512 (Wave Count Invalid), it will indicate an incorrect wave structure.
TradingLounge Analyst: Kittiampon Somboonsod, CEWA
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