⚡⚡This ADA analysis is playing out well. I expect the bounce continuation to $0.32 in wave 4 before the final dump in wave 5. Bullish divergence is gonna be the clear indication that bear market has been finished for $ADA

Hello, everyone!

Now it's time to talk about my favorite altcoin $ADA . Couple of weeks ago I told you that the huge rapid dump in wave 3 is anticipated. The forecast was almost correct. The only one thing, I assumed that bull trap in wave 2 will be a little bit higher, but anyway $0.22 price target we have seen today.

To understand what is coming next let's take a look at the price chart. After the bullish rally which we have seen in the first half of 2023 ADAUSDT has started it's last bearish impulsive wave. Wave 1 touched the support trendline. After the consolidation in the wave 2 we have seen the huge impulsive breakdown. Wave 3 had two targets $0.27 and $0.20. The area between these two prices is the target area which has been reached today.

Awesome oscillator is also increasing the momentum to the downside, which confirms my assumption about the wave 3. If we assume that wave 3 has been finished or almost finished we have the clear target for the potential bounce where our automated trading strategy close the accumulated on this dump positions. The target is 0.38-0.5 Fibonacci retracement which is approximately $0.3.

Chart 1. ADA price.

After the bounce I expect the last bearish wave 5 inside the last bearish wave in the entire bear market. It's too early to measure the target for the bear market bottom. We need waves 3 and 4 to be completed, but anyway I am ready for the upcoming bull market in the nearest future for Cardano. At the same Bitcoin can dumping, but $ADA can show the sideways or even recovery during this period. If you ask me about my personal feeling about target price - I think $0.17 is gonna be the bottom.

Best regards, Ivan

🔥Please, follow me and smash the rocket🚀 button to support me🔥