$CARDANO, All in or All out
ADA being one of the late entrants in the 2021 bull rally surged from 1.48$ on May 6th to 2.46$ on May 16th posting a staggering 66% increase in a matter of 11 days. That's an impressive streak of 6% on average w.r.t its price on May 6th. After that, it is unable to break its rally's starting point of 1.48$ resistance level.
ELLIOT WAVES ANALYSIS:
In the above chart, Elliot waves are formed in a triangular wedge with a bullish base and a slightly bearish top. Overall triangle however looks ascending because of the breakdown on 3rd June (where it was rejected from its 1.83 resistance) above the triangle.
Resistance And Supports:
The potential resistances are 1.83 (where it has been rejected 4 times already) and then 1.97 (where the bull run exhausted temporarily) and the support is all the way down on 1.05 area and its 55 ema (in 1 Day timeframe) which is currently at 1.54$.
CHART ANALYSIS:
With higher highs and higher lows, the chart is looking healthy. All it needs is a little extra push when it's near the resistances and ADA can redo its bull mania.
CONCLUSION:
Assuming BTC stays stable, there is a pretty good chance of
ADA being victorious in breaking the 1.83 resistance for good and the go sideways for a couple of days before registering an all-time high.
ELLIOT WAVES ANALYSIS:
In the above chart, Elliot waves are formed in a triangular wedge with a bullish base and a slightly bearish top. Overall triangle however looks ascending because of the breakdown on 3rd June (where it was rejected from its 1.83 resistance) above the triangle.
Resistance And Supports:
The potential resistances are 1.83 (where it has been rejected 4 times already) and then 1.97 (where the bull run exhausted temporarily) and the support is all the way down on 1.05 area and its 55 ema (in 1 Day timeframe) which is currently at 1.54$.
CHART ANALYSIS:
With higher highs and higher lows, the chart is looking healthy. All it needs is a little extra push when it's near the resistances and ADA can redo its bull mania.
CONCLUSION:
Assuming BTC stays stable, there is a pretty good chance of
ADA being victorious in breaking the 1.83 resistance for good and the go sideways for a couple of days before registering an all-time high.
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