Cardano (ADA) has seen some choppy price action recently, but there could be a potential upside move on the horizon. In this technical analysis video, Nick will be diving into the charts and exploring what Cardano’s next move might be.

Key Points:

• Cardano faced a slight correction yesterday, finding support near the 50 EMA.
• There’s a possibility of a five-wave move up into a targeted range.
• A breakout above the swing high of 40.14 could signal a significant shift.
• This potential move aligns with a broader, bullish structure.

Current Price Action:

Cardano dipped below the expected support zone yesterday, but has since recovered slightly. Nick is currently looking at a potential five-wave move up, with the first wave potentially completed. A retest of the 50 EMA could be followed by a final push to the upside.

Elliot Wave Theory Analysis:

Applying Elliot Wave Theory suggests a potential breakout if ADA can surpass the 40.14 resistance level. This breakout could signify a larger move for Cardano in the long term.

Trading Considerations:

The trade Nick discussed in the video involved a long entry yesterday near the support area. Tight stop-loss placement below the 50 EMA is recommended.

Bonus Offer:

Nick mentions exclusive bonuses and a giveaway for the Cheeky Crypto Community through the Blofin exchange https://blofin.com/invite/CheekyCrypto This includes a chance to win a Tesla Model 3 by trading on the platform.

Learn Elliot Wave Theory:

For those interested in learning more about Elliot Wave Theory, a discounted course is available at Cheeky School https://cheekyschool.com. The course provides in-depth explanations of wave patterns and implementation strategies.

Overall, Cardano’s technical picture shows promise for a potential upside move. However, careful monitoring and risk management are crucial for any trading activity.