Cardano ADA Will Outperform Cryptocurrency Market
2024-11-07

Hello, Skyrexians!

Yesterday we considered the Bitcoin analysis where concluded that the potential growth is not going to be insane, bull market will be finished soon. At the same time on the  BINANCE:ADAUSDT  weekly chart we can see that price is charged for the flight.

Let's notice, that Cardano has the specific bear market structure, where the corrective wave C has been finished in October 2023. Growth from the bottom was impulsive, so it could not be the wave B, in our opinion it's wave 1 of the new bull market. Since March 2024 most of crypto assets continued the bear market, but drop on ADA was not so big. It means that wave 2 has been formed already.

Look at the green dot on the  Bullish/Bearish Reversal Bars Indicator  . This is strong bullish signal that this correction is likely to be finished, in conjunction with Elliott waves analysis we can see that the impulsive wave 3 is about to happen soon! Targets can be calculated using Fibonacci Extension. 1.61 and 2.61 corresponds to the area between $1.2 and $1.77. Note that this zone is not likely going to be the end of bull run. This is just wave 3 in this rally. Finally, we expect the new ATH for ADA in 2025.

Best regards, 
Skyrexio Team