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Elliott Wave Analysis – TradingLounge Daily Chart |
ADA/USD (Cardano vs U.S. Dollar)

ADA/USD Elliott Wave Technical Overview

• Function: Counter-Trend
• Mode: Corrective
• Structure: Flat
• Current Position: Wave ((C))
• Next Direction (Higher Degree): Wave II
• Invalidation Level: Not specified

Trading Strategy for ADA/USD:
The ADA/USD pair remains in a corrective Elliott Wave pattern, identified as Wave II. This wave represents a retracement and has now entered a significant support area around $0.5544, aligning with the 0.618 Fibonacci retracement level of Wave I.

Trading Strategies

• Strategy Overview:

  • For Short-Term Traders (Swing Trade):

    • Bullish Scenario:

      • If the price holds above the $0.5544 support level and begins to show signs of a reversal, a Buy position could be considered.

      • The target for this upward move is $0.8500.

      • Bullish confirmation will be established once the price breaks above the designated bullish confirmation level.

• Risk Management:

  • If ADA/USD drops below the critical $0.2850 support level, the current bullish structure becomes invalid.

Elliott Wave Analysis – TradingLounge H4 Chart |
ADA/USD (Cardano vs U.S. Dollar)

ADA/USD Elliott Wave Technical Overview

• Function: Counter-Trend
• Mode: Corrective
• Structure: Flat
• Current Position: Wave ((C))
• Next Direction (Higher Degree): Wave II
• Invalidation Level: Not specified

Trading Strategy for ADA/USD (H4 View):
The pair continues to move in a clear Elliott Wave structure under correction (Wave II), approaching a strong support at $0.5544, which corresponds with the 0.618 Fibonacci retracement level of Wave I.

Trading Strategies

• Strategy Overview:

  • For Short-Term Traders (Swing Trade):

    • Bullish Scenario:

      • As long as the price stays above $0.5544 and begins to reverse, a Buy setup can be considered.

      • Target remains at $0.8500.

      • Bullish momentum is confirmed with a breakout above the bullish level.

• Risk Management:

  • If price declines below $0.2850, the bullish structure is invalidated.

Analyst: Kittiampon Somboonsod, CEWA

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