ADAUSD: The First Elliott Wave of the 2024 Cardano Bull Market

Cardano has been expected to do well this crypto cycle, but even the one dollar mark has been elusive despite a strong bitcoin market as the driver for all of the crypto space.
However, its chart exhibits a very nice Elliott wave structure resulting in a clear five-wave ascend into the 80 to 90 cent range.
Along with bitcoin’s correction, ADA experienced a sharp pullback in mid-April, that closed and corrected the first full wave sequence of 2024, presented in this chart.

Comment:

Having such a major wave finally completed, including its second wave correction, we can use the three-point Fibonacci extension technique to project immediate targets for wave three, based on standard Elliott wave principles and statistical norms, for a third wave’s typical size is very often 1.618 times the size of wave one.
This projection can be seen in the chart, if one adjusts the price scale a little bit, and/or pulls the chart down.
The 100 % extension comes in at 98 cents, the 141.4 % level at $1.22 and the 161.8 % extension at $1.33. Of course, with a strong bull market, the third wave can run much longer. More clues will emerge once new subwaves one and two have formed.