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Cardano ADA: Acknowledging Past Errors and Reevaluating the Price Pattern


Cardano’s Impressive Run

ADA’s Recent Price Breakout

Cardano (ADA) has witnessed a remarkable price breakout in recent months, surging by over 200% in just about 182 days. This impressive rally has captivated the attention of investors worldwide, raising expectations for further growth in the future.

Questions About the Accuracy of the Analysis

However, JB acknowledges that past analyses of ADA’s price action have not always been accurate. In particular, the prediction of a WXYXZ corrective pattern has not materialized, prompting a reevaluation of the corrective pattern.

Exploring the Possibility of a Flat Correction

The analysis on the daily timeframe explores the possibility of an irregular flat correction or a regular flat scenario. Both scenarios involve a period of sideways movement before ADA resumes its upward trajectory.

Focus on a Potential Corrective Move to the Downside

On the daily chart, the focus is on a potential corrective move to the downside. Fibonacci levels are identified as potential support zones for ADA’s price action.

Signs of a Potential Pullback

JB suggests the possibility of a significant pullback in Cardano’s ADA price action, despite previous bullish sentiment. This pullback could provide an opportunity for investors to accumulate ADA at a lower price before the next leg up.

Potential ABC Corrective Pattern on the One-Hour Chart

Zooming in on the one-hour chart, the analysis indicates a potential ABC corrective pattern to the downside. This pattern typically consists of three waves: a downward movement (A), a recovery (B), and a final downward move (C).

Overbought Stochastic Positions

Weekly and monthly stochastic positions are deemed overbought, suggesting that ADA may be due for a correction. JB also suggests that ADA may be lagging behind the market, meaning that it might take longer than expected for it to fully recover from the recent pullback.

Long-Term Targets Despite Past Analysis Errors

Despite previous analysis errors, JB remains confident in long-term targets for ADA. However, he emphasizes the need for cautious trading and risk management in the near term.

Opportunity to Earn Dust Tokens

Viewers are encouraged to share their thoughts on ADA’s price direction and are reminded of the opportunity to earn Dust tokens through the Cheeky Crypto stake pool.

Invitation to Engage with the Community

The audience is invited to like, subscribe, and participate in the comments section for discussions on ADA’s future price movements.

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