Cardano ADA (ADA-USD) Price Chart Analysis

ADAUSD Elliott Wave Technical Analysis July 05 2023

4Hour

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 Oscillator are  bullish momentum

Daily

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 Oscillator are  bullish momentum