Welcome to this analysis about Cardano, we are looking at the 6-hour timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. Cardano the last times is trading in some very interesting dynamics as it is still above important supports it looks for a potential stabilization in the structure, when Cardano shows up with the right price-actions in next times this can lead to a sustainable bullish-breakout, in this case, I detected all the important levels and likely determinations we should consider with Cardano's established structure and the upcoming destinies ahead.
Structural Developments: As when looking at my chart we can watch there how Cardano has recently formed this ascending-channel-formation marked in my chart in blue, in the more global perspective Cardano is trading within this potential major descending-triangle-formation. The next times when Cardano moves below the lower-boundary of the ascending-channel it will complete it as a bear-flag and show up with further bearish continuations however as Cardano has strong supports within the lower levels marked in my chart in blue and also with the point-of-control this will be a good zone for Cardano to develop a bounce to the upside and when Cardano manages a sustainable bounce within this zone it can lead to a great breakout and therefore completion of the descending-triangle.
Upcoming Determinations: Taking all these factors into the consideration now it will be highly important to elevate next times how Cardano continues with the wave-count within the descending-triangle and how it can maintain the stabilization above the support and ongoing bounce from it. In this case, it is of utmost importance and necessary that Cardano does not close below the given supports because such a price-action will invalidate the whole formation and show up with further bearish pressure however this is not the most possible scenario to develop as Cardano has the solid supports remaining. When Cardano manages a sustainable bounce and ongoing completion of the formation targets can be projected to the upside, it will be an interesting journey.
Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, all the best! "Good luck is when opportunity meets preparation."
Information provided is only educational and should not be used to take action in the market.
very nice mate , i will appreciate if you take a look on my ideas.
OrkunOz
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Sry I'm newbie on TA-terms.
Why do you think ADA will go below 1$?
Why ADA is not following bullish trend like others?
I don't understand why after mary hardfork update ADA went down?
R_Sanchez
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@OrkunOz, it went down because people sold ADA at the moment the news came out en become truth. What they do is speculate on the hype of a hard fork or other news. They ride the train until the event becomes truth and sell. To pick the coin up at a lower price or just cash in. Ada went on a good ride until 1.50. People need to cash in their profits. This happends alot. Now it's consilidating and waiting on a breakout of BTC above 56k to 58k. Then ill go up again. Check the MACD to on the dailey and you see that it is very possible that the price continues to drop around 0.95-1.10 and only then the lines will cross again to pick up the bull trend. ( All depends on BTC going to wards 70K and above)
jeffrey545
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@variousMoth90878, I have it going to 92 cents
AM.98
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nice post
hsatu776
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Very good idea..
anthonylwang82
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Thank you for your analysis , just wondering is this approach purely based on Elliot waves ? Or you have something other than ew as the basis.
I just got a bullish signal on my strategy as ema 20 just crossed ema 55 on the 4hrs , rsi around 50, macd still got abit to run on the bull side , macro trend is still intact , micro down trend broke up and retested with long wick candles around 1.13 where micro and macro trend lines met. Just want to learn about your perspective