Cardano (ADA) is one of the most popular cryptocurrencies in the world, with a strong community and a growing ecosystem. However, ADA has also been on a downward trend in recent months. In this article, we will discuss Nick from Cheeky Crypto’s technical analysis of ADA, highlighting key indicators and potential price movements.
On the hourly timeframe, Nick identifies a possible diagonal pattern and a three-wave correction in ADA’s price movement. He expects ADA to move down further before a potential bullish move.
On the daily timeframe, Nick anticipates a new bear market low for ADA. He mentions key support levels and moving averages to watch, such as the $0.30 and $0.25 levels, and the 50 EMA and 200 EMA.
On the weekly timeframe, Nick discusses a potential Elliott Wave completion and a golden cross formation in the future. A golden cross is a technical indicator that can signal a bullish trend reversal.
Nick’s technical analysis suggests that ADA is likely to experience further downside in the short term. However, he also sees potential for a bullish reversal in the future, especially if a golden cross forms on the weekly chart.