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Cardano (ADA) Technical Analysis Reveals Bearish Outlook

$0.10 to $10 - Last Chance to BUY CARDANO ADA
$0.10 to $10 - Last Chance to BUY CARDANO ADA

In a recent video, Nick provides technical analysis on Cardano’s ADA cryptocurrency for various timeframes and shares bearish outlooks based on market structure, Elliott Wave Theory, and smart money concepts.

1-Hour Timeframe

The 1-hour analysis suggests a shift from a bullish to a bearish market structure with various bearish indicators like being below moving averages and equilibrium.

Elliott Wave Theory

Elliott Wave Theory is used to anticipate a five-wave drop to the downside.

Double Zigzag Pattern

A double zigzag pattern is discussed, with expectations of further downside.

Daily Timeframe

The daily timeframe indicates a bearish outlook with potential for a double bottom.

Weekly Timeframe

The weekly timeframe anticipates support between 15 and 18 cents, with the possibility of new all-time highs in the future.

Overall Outlook

Overall, the technical analysis suggests a bearish outlook for Cardano (ADA) in the short to medium term. However, the long-term outlook remains bullish, with the possibility of new all-time highs in the future.

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