Chart of the Day: Cardano (ADA)

Chart of the Day: Cardano (ADA)

Cardano is another chart I’m watching for a bottom. I had previously expected to see the .786 retrace of entire peak to trough on the weekly at .048. We almost got there. I had still expected that we would ‘stretch’ to hit it but then this 5 wave fractal showed, with a properly extended third, so I am now watching for a this to bottom. If this pattern is in play, we are coming down in the C of 2 and the fun really begins. If we instead break. 066, then I expect new lows in the correction that began in January. Given that the weekly points to a large third wave here, this one should be a good long term hold, provided it follows through at key levels above.

 

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1 thought on “Chart of the Day: Cardano (ADA)”

  1. Thanks Ryan. Hype alone should be very supportive of ADA over the next 18 months or so. A listing on Coinbase (minor), the perception that ADA is ‘cheap’ and the heavy hitters developing the project all point to the potential for a steep run-up approaching ATH.

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