Taking a close look here and through the duration of 2022, the white wave on the daily wavemaster has been oversold ever since about April. This is the most bullish it has looked in a year. Watching the green/yellow/red, things are still pointing up but not for much longer. Give it another 2 weeks or so and we'll get a decision.
Until then, lets look at some key horizontals. Right now, we're at the resistance from January 2021 around 40 cents. That's right around where we are now. Having some discussions with others online, I adamantly pleaded with people to be a buyer below 30 cents and to buy more at 25 cents. Well, here we are. ADA has risen 56% from there and only now you're interested.
This is a reason why I am being very picky with what I would like to buy. Right now, Cardano is not a net new buy but rather I'm watching for a profit take area. It's quite interesting that we've seen a great reaction off the 50% internal retracement from the March 2020 low to the August 2021 high. The target for that kind of a bounce is around $10 if we go to new highs but I am skeptical at the moment. Sure, more upside is likely, but I'd be more interested if we dropped to the golden zone instead.
The perfect path would be for Cardano to go to roughly $1, then return to about $0.10-0.15 before making that move to $10.
Until then, lets look at some key horizontals. Right now, we're at the resistance from January 2021 around 40 cents. That's right around where we are now. Having some discussions with others online, I adamantly pleaded with people to be a buyer below 30 cents and to buy more at 25 cents. Well, here we are. ADA has risen 56% from there and only now you're interested.
This is a reason why I am being very picky with what I would like to buy. Right now, Cardano is not a net new buy but rather I'm watching for a profit take area. It's quite interesting that we've seen a great reaction off the 50% internal retracement from the March 2020 low to the August 2021 high. The target for that kind of a bounce is around $10 if we go to new highs but I am skeptical at the moment. Sure, more upside is likely, but I'd be more interested if we dropped to the golden zone instead.
The perfect path would be for Cardano to go to roughly $1, then return to about $0.10-0.15 before making that move to $10.