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By tradinglounge · Posted
ADANI POWER – ADANIPOWER (1D Chart) Elliott Wave Technical Analysis Function: Counter Trend (Intermediate degree, orange) Mode: Corrective Structure: Potential Impulse within Larger Degree Zigzag Position: Minute Wave ((iii)) Navy Details: Minute Wave ((iii)) Navy is progressing lower within Minor Wave 1 against 800. A break below 580 would accelerate towards 490-500 zone. Invalidation point: 800 ADANI Power Daily Chart Technical Analysis and potential Elliott Wave Counts: ADANI Power daily chart is indicating a progression higher, which might be complete around 900 mark as fifth wave terminates at multiple degrees. If correct, a corrective drop at Minor degree at least should be underway against the above. ADANI Power terminated Intermediate Wave (4) Orange around 130 mark in February 2023. Since then, Minor Waves 1 through 5 seem to be complete, terminating Intermediate Wave (5) Orange around 900 range. Minor Wave 3 was extended as expected. If the above holds well, the stock should ideally remain under 900 mark to hold the counter trend, more specifically below 800 with tighter risk. It is expected to continue lower towards 500 at least, as Minute Wave ((iii)) unfolds. ADANI POWER – ADANIPOWER (4H Chart) Elliott Wave Technical Analysis Function: Counter Trend (Intermediate degree, orange) Mode: Corrective Structure: Potential Impulse within Larger Degree Zigzag Position: Minute Wave ((iii)) Navy Details: Minute Wave ((iii)) Navy is progressing lower within Minor Wave 1 against 800. A break below 580 would accelerate towards 490-500 zone. Alternatively, the stock could bounce higher from 580 levels terminating Minor Wave 4 and then resume higher towards. Invalidation point: 800 ADANI Power 4H Chart Technical Analysis and potential Elliott Wave Counts: ADANI Power 4H chart also reveals a major to in place around 900 mark. The stock is unfolding a larger degree corrective wave and has carved Minute Waves ((i)) and ((ii)) around 645 and 800 respectively. If correct, Minute Wave ((iii)) is now underway towards 500 lows. Conclusion: ADANI Power might have turned lower from 900 highs and is now progressing within Minute Wave ((iii)) Navy, towards 500 levels going forward. Elliott Wave Analyst: Harsh Japee Source : Tradinglounge.com get trial here! -
Telegram tap2earn community has clearly grown this year, reeling out exceptionally rewarding projects like Notcoin, DOGS and so on. Although some may argue that a good number of them have been disappointing, while this may be true, the community doesn’t seem to be withdrawing anytime soon. A good indication of the burning enthusiasm still evident in the space is the 36m+ monthly active users of X Empire who are aggressively farming X coins. Formerly known as Musk Empire, players get to build and manage their empire in a futuristic virtual world. Attention seems to be piling up following Musk’s recent announcement on future robots and car series. While $X have been on Premarkets like Bitget, TGE has been scheduled for 24th Oct to the excitement of its community. If you are keen to trade X, what are your launch day expectations? -
By CryptoChamp · Posted
Cardano (ADA) has seen a significant decline in its price, and many investors are starting to question their positions. Let's break down what's happening and whether it's time to rethink holding ADA or focus on Cardano price prediction for potential future growth opportunities. Cardano’s Price Drop Cardano is currently trading at $0.351, which represents a 66.15% drop from its previous high of $0.812. The price decline has left many investors frustrated, especially those who were expecting a strong rebound. Market Sentiment Impact Cardano’s price drop is partly due to broader market conditions where altcoins, in general, have underperformed. The altcoin market has been facing weak development, which has contributed to the poor performance of coins like ADA. Jason Pizzino’s Advice Jason Pizzino, a well-known real estate investor and Bitcoin advocate, recently urged investors to reconsider their altcoin portfolios. According to Pizzino, Bitcoin has surged by 147.58% in the same period that ADA has dropped, making Bitcoin a more attractive option for investors. He labeled altcoins like Cardano as “laggards” that have consistently underperformed compared to Bitcoin. Investors’ Frustration Many investors are disappointed with altcoins, especially those who anticipated price rebounds but have seen continued stagnation. Pizzino questioned whether Cardano could experience significant growth, even doubting a fivefold increase in price for ADA. He also hinted that meme coins might offer better returns than Cardano in the short term. Divided Opinion While Pizzino is clear in his belief that Bitcoin is a superior long-term investment, others in the crypto space disagree. Vandell Aljarah, for instance, argues that altcoins still have the potential to offer high returns in the right market conditions. This leaves investors with a decision: follow Pizzino’s advice or hold out for an altcoin rally. Key Support Levels for Cardano Cardano is facing key resistance at $0.350. If the price doesn’t climb above this level, further declines may follow. Immediate support is at $0.3420, with the next major support at $0.3400. A break below $0.3400 could lead to a test of $0.3220, and possibly $0.3100, where buyers might step in to support the price.
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