Nick, the host of Cheeky Crypto, delves into the intricacies of Cardano’s (ADA) price action, exploring its recent moves and potential future trajectory.
Technical Analysis: Unraveling the Price Movements
1-Hour Chart Analysis: Potential Downside Breakout
Examining Cardano’s 1-hour chart on Binance, Nick dissects the possibility of a completed fifth wave movement. He ponders whether the recent rally marks the end of wave three or if further upside potential exists.
Bullish Structure and Triangle Wedge Pattern
Despite the bullish structure, Nick identifies a triangle wedge pattern, hinting at a potential wave four. This pattern suggests a move to the downside, with a confirmation point at 35.511466.
Daily Chart Analysis: Completed B-Wave Movement
Zooming out to the daily chart, Nick observes a completed B-wave movement, reinforcing the expectation of a downward trend. He emphasizes the crucial role of breaking above 46.17 to avoid a bear market scenario.
Weekly Chart Analysis: Price Expectations and Resistance Levels
On the weekly timeframe, Nick discusses price expectations, highlighting resistance at the 200 EMA. He acknowledges the potential for a bullish run, but only after breaking through this resistance level.
Optimistic Targets: $26 to $90
Nick mentions optimistic targets ranging from $26 to $90 based on supply and demand dynamics. However, he emphasizes the importance of careful analysis and informed investment decisions.
Conclusion: Engaging with the Community
Nick encourages viewers to share their thoughts in the comments section, fostering a vibrant community around Cardano’s price action and future outlook.