The past few days/weeks have been extremely exciting for those who are invested in ADA, including myself as I have a fair share of ADA in my portfolio. To some this massive move was extremely unexpected, however I have been anticipating a huge movement nearing the release of Alonzo purple and smart contracts. The closer we get the higher the price will rise and I am fairly confident in my prediction of the price hitting $3 in the short term however there is a strong possibility that this would be a buy the news sell the release situation which is very common and personally would keep ADA on a healthy track if the price dips after the Alonzo purple hard fork is released, and on top of that it would give for a good buying opportunity. I will discuss in the following paragraphs why I believe so from a technical perspective.
Currently the ADA price is consolidating slightly above the previous ATH of $2.47, which is extremely healthy as it is able to maintain a neutral stance even at levels as high as it is. I would be very happy if we could sit in this area for a few days longer, which will really solidify the future support around this level as this line also holds the previous ATH, therefore this level in the future would theoretically be a very hard one to break, if it holds a few days longer.
We recently broke out of a medium term bullish flag formation (seen in yellow) with the target point sitting at $2.44 which is just below the previous ATH, therefore I was expecting a retracement off that level. However that retracement has not occurred, well not yet at least. We find our self in a small bullish pennant at the moment, which in my opinion can turn into a bull flag (as seen between the white dashed lines). This would be an extremely bullish signal as it will give the price time to cool down and not get over extended ahead of the rest of the market. Another benefit is that the price will have time to retrace down to a key level of of support and a previous swing high which sits in a ranged area between $2.25 - $2.18.
Therefore in conclusion, I stand with my prediction of $3, however it may bounce off a bit short which I have predicted at $2.96. watch out for the next few days as there is a beautiful trade to be made as prices break out of the set formations into price discovery once again.
Yet again I thank everyone for investing their time into reading this article and I truly hope it gave you a perspective you had not yet discovered or it gave confluence to your own similar predication.
Please leave a like and comment your opinion on this perception on the current Cardano price.
Don't forget that everything I type on my articles should not be taken as financial advice but rather a confluence above your own research and do diligence.
#NotFinancialAdvice.
Currently the ADA price is consolidating slightly above the previous ATH of $2.47, which is extremely healthy as it is able to maintain a neutral stance even at levels as high as it is. I would be very happy if we could sit in this area for a few days longer, which will really solidify the future support around this level as this line also holds the previous ATH, therefore this level in the future would theoretically be a very hard one to break, if it holds a few days longer.
We recently broke out of a medium term bullish flag formation (seen in yellow) with the target point sitting at $2.44 which is just below the previous ATH, therefore I was expecting a retracement off that level. However that retracement has not occurred, well not yet at least. We find our self in a small bullish pennant at the moment, which in my opinion can turn into a bull flag (as seen between the white dashed lines). This would be an extremely bullish signal as it will give the price time to cool down and not get over extended ahead of the rest of the market. Another benefit is that the price will have time to retrace down to a key level of of support and a previous swing high which sits in a ranged area between $2.25 - $2.18.
Therefore in conclusion, I stand with my prediction of $3, however it may bounce off a bit short which I have predicted at $2.96. watch out for the next few days as there is a beautiful trade to be made as prices break out of the set formations into price discovery once again.
Yet again I thank everyone for investing their time into reading this article and I truly hope it gave you a perspective you had not yet discovered or it gave confluence to your own similar predication.
Please leave a like and comment your opinion on this perception on the current Cardano price.
Don't forget that everything I type on my articles should not be taken as financial advice but rather a confluence above your own research and do diligence.
#NotFinancialAdvice.