Cardano (ADA) Target $0.075 (177% Profit Potential)

SUMMARY

Cardano (ADA) is a good mix of Elliott Waves and Chart Patterns. The chart below shows a nice completion of a five wave impulse (1,2,3,4,5) followed by a zig zag red a,b,c. You can see that both red wave a and b have five subwaves. Since the correction is complete, the next expectation is a trend reversal and this is shown by wave i and ii. The small degree of trend wave (1) and (2) are nested in that they are the subwaves of wave iii which will probably reach $0.035.

Forward discernment of price pathway is always very interesting when using both Elliott Waves and Chart Patterns. I've drawn a line across the bottoms of the price and this appears to be a rounding bottom formation. I project that wave iii will be followed by wave iv which will be the handle pattern. So, a Cup and Handle is discerned. This would be quite acceptable as the two primary species of patterns have been the symmetrical and the cup and handle, thus leading to a very high similarity index. The wave v price target is $0.075 or about 177% profit potential.

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Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**