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