ADA/USD Elliott Wave technical analysis
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Function: Counter Trend.
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Mode: Corrective.
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Structure: Double Corrective.
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Position: Wave ((Y)).
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Direction next higher degrees:
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Wave cancel invalid level:
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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/USD 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.
ADA/USD 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/USD 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.
Cardano Elliott Wave technical analysis [Video]
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Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
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