Cardano Elliott Wave technical analysis [Video]
|ADA/USD – Elliott Wave technical analysis
Function: Follow trend.
Mode: Motive.
Structure: Impulse.
Position: Wave 2.
Direction next higher degrees: -
Wave cancel invalid level: -
ADA/USD trading strategy
Cardano is forming a retracement to rally within a wave 2 pattern. This typically concludes between the 0.382–0.618 Fibonacci retracement levels. A break above major resistance could confirm the start of wave 3, which might push prices beyond $1.00 in the upcoming major trend.
- Watch for a breakout above $0.73 to engage with the developing wave 3 trend.
- Wave cancel invalid level: $0.640 (if the price falls below, the wave count would be invalid).
Trading strategies:
Strategy
- For short-term traders (swing trade): Wait for a breakout above $0.73 and look for a reversal signal before entering trades.
Risk management
- Place stop-loss orders below the $0.64 support area to manage risk if the bullish scenario fails.
ADA/USD – Elliott Wave technical analysis
Function: Follow trend.
Mode: Motive.
Structure: Impulse.
Position: Wave 2.
Direction next higher degrees: -
Wave cancel invalid level: -
ADA/USD trading strategy
Cardano is exhibiting a retracement to rally in its wave 2 phase, generally culminating between the 0.382–0.618 Fibonacci zones. If the asset breaks major resistance, it could initiate wave 3 and potentially drive the price above $1.00.
- Await a breakout over $0.73 to align with the emerging wave 3.
- Wave cancel invalid level: $0.640 (price below this invalidates the current wave count).
Trading strategies:
Strategy
- For short-term traders (swing trade): Look for confirmation of a breakout above $0.73 before entering a long position.
Risk management
- Apply stop-loss orders just under the $0.64 level or use $0.64 as an invalidation point.
ADA/USD – Elliott Wave technical analysis [Video]
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