WE ARE BACK - ADA weekly update Aug 27 - 02thGiven the current structure, Cardano is most likely completing a 1–2 sequence at the Minor degree within the early stages of Primary Wave 3. This would imply that we are entering one of the most dynamic waves in the Elliott framework. Alternatively, this structure could still be part of a corrective phase, forming a Wave C that drives price to a new local low. However, considering broader correlations across the crypto market, I favor the bullish count.
The order book reveals significant buy-side interest around the $1.00 level, which further supports the bullish case. The liquidation heatmap shows no major liquidity clusters, only smaller pockets around the high of Minor Wave 1.
Derivative data adds weight to this scenario, with funding rates turning back from negative levels and open interest stabilizing following the Sunday pump.
Overall, the broader setup presents a favorable environment for upside continuation. At current levels, the chart offers an excellent opportunity for swing positions, as it is unlikely that price will revisit this area in the medium term. Personally, I intend to position accordingly.
Do your own research. Not financial advice.
