ADA has not had too much time to rest. Instead of a lengthy consolidation period after the cup formation noted in my last chart, the handle broke, created a small ascending triangle and decided to break out again to test the all time high. My feelings on this are mixed. If it fails and does not make an all time high, the results could be terrible and we would see a drop in price to the next consolidation area. Not to mention it will ruin any bullish momentum that was forming since this morning. A pattern can only try a high a few times before the sentiment changes and the trend turns for the worst. However, if it does make a new all time high, this could bring the bullish volume back into ADA after the last strong bull run. It would also confirm the uptrend. The bullish momentum created by a new all time high could last for days. The reason for all of this is the amount of volume at the top range of the chart (2.86) is not really allowing the price back down. Unlike the last pushes, this is a strong psychological level and the best approach will be slow and steady.
I am going to make a video soon teaching everyone my approach to charting. I will cover the entire workflow process I go through. I hope you enjoy it.
Now lets talk about why ADA has so much strength. Cardano is about to release smart contract September 12 with the Alonzo release. This addition makes it a viable competitor to ETH as an open source platform. Right now, it is just a glorified ledger. As a person who plans to be a Cadano Developer once Alonzo is released, it makes me wonder how far ADA can go. I have heard people say it cannot go to 100 dollars because it will need around a 3T market cap. But considering in the past 2 weeks ADA has added 31B to its market cap, it's definitely not out of the realm of possibility. Also, considering Grayscale Investments has picked it up, I think it has a LOT more room to grow.
Tell me what you think?
This is not financial advice. DYODD.
I am going to make a video soon teaching everyone my approach to charting. I will cover the entire workflow process I go through. I hope you enjoy it.
Now lets talk about why ADA has so much strength. Cardano is about to release smart contract September 12 with the Alonzo release. This addition makes it a viable competitor to ETH as an open source platform. Right now, it is just a glorified ledger. As a person who plans to be a Cadano Developer once Alonzo is released, it makes me wonder how far ADA can go. I have heard people say it cannot go to 100 dollars because it will need around a 3T market cap. But considering in the past 2 weeks ADA has added 31B to its market cap, it's definitely not out of the realm of possibility. Also, considering Grayscale Investments has picked it up, I think it has a LOT more room to grow.
Tell me what you think?
This is not financial advice. DYODD.
Comment:
Also would you guys rather see my charts with a white background or black background? Which is easier for you to see?
Comment:
Breakout rejected as I thought it might be. It was sent right back down to consolidate above the huge support level which is holding it up, for now. If it has another premature failed test, I wouldn't be surprised if it is sent below the 2.86 support. In order to break the all time high, it needs time and consolidation.
