In a recent video, JB from Cheeky Crypto provided insights into Cardano’s price action, examining its short-term expectations, wave patterns, and long-term analysis.
Short-Term Bullish Phase Amidst Overbought Conditions
JB noted a recent upward movement in Cardano’s weekly close, suggesting a potential short-lived bullish phase. However, he also identified potential support levels and overbought conditions on multiple timeframes, indicating a possible bearish change of character.
Wave Analysis and Potential Price Targets
JB analyzed wave patterns and potential targets, discussing the possibility of a wave four and five scenario. He outlined different scenarios for Cardano’s price movement, considering various technical indicators.
Bearish Market Sentiment and Expected Pullback
JB expressed a bearish outlook on the overall cryptocurrency market, expecting a market pullback. He highlighted the significance of the 200 EMA and 50 EMA as key resistance levels.
Long-Term Analysis: Predicting a New Bear Market Low
JB predicted a new bear market low for Cardano, discussing potential price targets and opportunities to buy at lower prices. He reminded viewers of Cardano’s current position relative to its all-time high.
Conclusion: Trading Safely with Risk Management
JB encouraged viewers to like, subscribe, and trade safely, emphasizing the importance of using tight stop-loss orders and acknowledging the speculative nature of cryptocurrency trading.