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 $ADA 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 [Skyrexio]. 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
