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Elliott Wave Analysis TradingLounge Daily Chart, 5 July 2023.  
Cardano/U.S. Dollar(ADAUSD)
ADAUSD Elliott Wave Technical Analysis
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave ((3))
Direction Next higher Degrees: wave I of Motive
Details: Wave 3 is equal to 1.618 x Wave 1 at 0.395
Wave Cancel invalid level:  0.220

Cardano/U.S. Dollar (ADAUSD) Trading Strategy: Cardano recovered well from the 0.220 level and was able to form a strong five-wave structure, giving Cardano the opportunity to form a new uptrend. Still, the price is still below the MA200 line, giving the price a chance to face selling pressure. Therefore, watch out for resistance at the MA200 line.

Cardano/U.S. Dollar (ADAUSD) Technical Indicators: The price is below the MA200 indicating a downtrend, Wave oscillators are bullish momentum.

Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart, 5 July  2023.
Cardano/U.S. Dollar(ADAUSD)
ADAUSD Elliott Wave Technical Analysis
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave ((3))
Direction Next higher Degrees: wave I of Motive
Details: Wave 3 is equal to 1.618 x Wave 1 at 0.395
Wave Cancel invalid level:  0.220

Cardano/U.S. Dollar (ADAUSD) Trading Strategy: Cardano recovered well from the 0.220 level and was able to form a strong five-wave structure, giving Cardano the opportunity to form a new uptrend. Still, the price is still below the MA200 line, giving the price a chance to face selling pressure. Therefore, watch out for resistance at the MA200 line.

Cardano/U.S. Dollar (ADAUSD) Technical Indicators: The price is below the MA200 indicating a downtrend, Wave oscillators are bullish momentum.

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