Cardano (ADA/USD) journeys toward $2 from blue box

Elliott Wave Forecast Team ElliottWave-Forecast.com

Cardano is a decentralized blockchain platform and cryptocurrency (ADA) designed to provide a more secure and scalable infrastructure for the development of decentralized applications (dApps) and smart contracts. Launched in 2017 by the Cardano Foundation and developed by IOHK (Input Output Hong Kong), Cardano is unique for its research-driven approach, leveraging peer-reviewed academic studies to guide its development. It operates on a proof-of-stake consensus mechanism called Ouroboros, which enhances energy efficiency and network security.

Cardano completed a bearish cycle in June 2023. From June 2023 low, the cryptocurrency rallied in a 5-wave structure up to March 2024 before another pullback emerged and was completed in August 2024. Thus, the resultant rally emerges into another impulse structure. When the crypto breached the March 2024 high, we prepared to buy the next pullback if it completes a 3 or 7 swing structure as usual. 3-swing structures are zigzags while 7-swing structures are double zigzag Elliott wave patterns.

Cardano (ADA/USD) Elliott Wave chart – 12.11.2024

ADAUSD, H1

On 12.11.2024, we shared the chart above with members citing a 7-swing structure for wave 4 on the H1 chart. In addition, we identified the 1.037-0.909 as the key blue box zone. We expected new buyers from the blue box to cause at least a 3-swing bounce if not a 5-wave recovery for wave 5. Price reached the blue and bounced as we expected. For trade management, we advised members to take partial profit at 1.066.

Cardano (ADA/USD) Elliott Wave chart – 12.12.2024

ADAUSD, H1

On 12.12.2024, a day after, we shared the chart above with members. The price shows a swift separation from the blue box just as we expected. In addition, price surpassed the risk-free area. Thus, traders now run a risk-free trade after taking partial profit. Going forward, we expect wave ((i)) of 5 to finish. Afterwards, a retracement in wave ((ii)) will follow. For as long as the pullback ends above 0.911, the upside should continue.

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

GBP/USD keeps the firm tone above 1.3600

GBP/USD clings to its daily gains, although it gives back some of them and recedes toward the 1.3630-1.3620 band on Thursday. Cable’s uptick comes despite the modest bounce in the Greenback, while investors gear up for key data releases on the UK calendar on Friday.

EUR/USD treads water near 1.1670

EUR/USD gives away all its initial gains and receded to the sub-1.1700 region. The US Dollar’s late recovery has dragged the pair lower, leaving it practically unchanged following the NA session on Thursday. In the meantime, investors gear up for the release of preliminary S&P Global Manufacturing and Services PMIs on both sides of the Atlantic on Friday.

Gold trims losses, back above $4,500

Gold manages to regain some composure and reclaim the area beyond the key $4,500 mark per troy ounce on Thursday. The yellow metal’s daily decline comes amid the humble improvement in the US Dollar while US Treasury yields remain on the rise following Wednesday’s marked retracement across the curve.

XRP extends rally as bullish technical signals underpin breakout attempt

Ripple holds in bullish hands, as price action extends above $1.16 at the time of writing on Thursday. Since Monday, the cross-border remittance token has surged by more than 20%, reflecting a steady growth in risk-on sentiment. The broader crypto market sentiment is on an upward roll at 62 in the Greed territory on Thursday, up from 46 the previous day, according to the Fear & Greed Index.

Why long bonds have repriced the cost of money

The 30-year Treasury is 12 basis points below its highest level since before the financial crisis. Not its highest since 2023, or since the tightening cycle, but since June 12, 2007, the last time the longest bond in the world's deepest market yielded what it yields on Thursday. Getting there took two attempts and most of the year.

$20 billion offered, $2 billion taken: Why Treasury doubled its buyback cap

The US Treasury moved off its own calendar on Wednesday, and that is the part worth sitting with. At 12:32 GMT, the department said it would at least double the size of liquidity support buyback operations in the 10-year to 20-year and 20-year to 30-year sectors, lifting the maximum from $2 billion per operation to at least $4 billion, effective September 9 and running to November 4.