Cardano ADA (ADA-USD) Price Chart Analysis

ADAUSD Elliott Wave Technical Analysis August 11 2023

4Hour

Cardano/U.S. dollar(ADAUSD)
ADAUSD Elliott Wave Technical Analysis
Function: Counter trend
Mode: Corrective
Structure: Triangle
Position: Wave ((D))
Direction Next higher Degrees: wave B  of Zigzag
Details: The rebound from the 0.220 level is characterized by a correction, leading us to consider an unending decline.
Wave Cancel invalid level:  0.379

Cardano/U.S. dollar(ADAUSD)Trading Strategy: Cardano pictured still in a downtrend. But in the short term there may be a slight increase. As the rise from 0.220 is a form of Zigzag correction that is part of triangle pattern That's why we expect the correction to remain intact. and the rise of the E wave in a triangular pattern. There is significant resistance around 0.349. Once wave E completes, prices are expected to trade below 0.220.

Cardano/U.S. dollar(ADAUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, RSI above  50  are  Bullish momentum

Daily

Cardano/U.S. dollar(ADAUSD)
ADAUSD Elliott Wave Technical Analysis
Function: Counter trend
Mode: Corrective
Structure: Triangle
Position: Wave ((D))
Direction Next higher Degrees: wave B  of Zigzag
Details: The rebound from the 0.220 level is characterized by a correction, leading us to consider an unending decline.
Wave Cancel invalid level:  0.379

Cardano/U.S. dollar(ADAUSD)Trading Strategy: Cardano pictured still in a downtrend. But in the short term there may be a slight increase. As the rise from 0.220 is a form of Zigzag correction that is part of triangle pattern That's why we expect the correction to remain intact. and the rise of the E wave in a triangular pattern. There is significant resistance around 0.349. Once wave E completes, prices are expected to trade below 0.220.

Cardano/U.S. dollar(ADAUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, RSI below 50  are  Bearish momentum