I took a big step back from Cardano today... and now I'm worried.
Cardano went on a big run starting back in March 2020. That run established a pretty solid resistance line. Eventually, ADA bounced off of that line back to the FIb .382 retracement line.
Recently, ADA made contact with that same resistance line again, rejected pretty hard, and has been unable to gain steam over the course of the last week. This most recent run (starting in Sept 2020), is also showing a near perfect elliot wave... which may have just peaked and could start an elliot correction wave back down to the .382 retracement line.
This is clearly just technical speculation, but the touch of the same resistance line from earlier in 2020, the lack of major pull back since the Sept 2020 run startd, and the text book elliot wave have me worried.
Full disclosure... I am an ADA holder and am in general LONG on Cardano as a technology.
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UPDATE: Also curious to hear if other ADA holders are staking??
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Oooooh doggy! ADA being added to CB Pro seems to have killed this theory. Will be interesting to see how the rest of the week unfolds...