Cardano (ADAUSD) Elliott Wave Technical Analysis, Oct. 17

Elliott Wave Analyst - tradinglounge • Oct 17, 2022 at 1:41 AM EDT

Cardano remains in a downtrend and has a chance to trade below 0.350, but the short term tends to pull back in wave 4 before falling again in wave 5.

Elliott Wave Analysis, Daily Chart Cardano (ADAUSD)

ADAUSD Elliott Wave Technical Analysis

Function: Counter trend

Mode: Corrective

Structure: Zigzag

Position: Wave (4)

Direction Next higher Degrees: Sub-wave of Wave V

Details: the price building in the sub-wave of wave (4), where wave 3 is usually equal to .382 x wave 3 at 0.380 level.

Wave Cancel invalid Level: 0.4248

Cardano (ADAUSD)Trading Strategy: Remains in a downtrend and has a chance to trade below 0.350, but the short term tends to pull back in wave 4 before falling again in wave 5.

Cardano (ADAUSD) technical Indicators: Price below MA200 and MA50, Line MACD and MACD Histogram below zero-line Momentum is bearish.

Tradingelounge analyst : Kittiampon Somboonsod

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