cryptoplayhouse
Long

(ADA) TA looks good, but the fundamentals are even better!

BINANCE:ADAUSD   Cardano / US Dollar (calculated by TradingView)
Alright folks we've got a nice double hitter today!
I always love when emerging chart patterns are coupled with trending news that confirm the analysis.

For those of you that dont know: Cardano just finished their first audit, and released the study highlighting a renewed concentration on bolstering the back end and stepping up their engineering efforts to the Cardano system.

It's no earth shattering game changer, but in a sea of pump and dump coins advancements like this are key to a projects longevity.

Alright, so you know the basics of the fundamentals driving my bullishness, now on to the TA!

  • Not currently relevant but this cardano trend shift is a great example of "patterns within patterns" as we can see from the two opposing angular minor double bottoms which form the major double (triple-ish) bottom.

  • We had a nice clean 5 wave elliot wave up.

  • The peak of the fifth wave up smacked the 100% retrace and failed to breakthrough.

  • Price also rebounded off 78% retrace, giving us a nice clear range to work within for breakouts.

  • Cup has been forming since March 21st, and its a very clean one, near perfect symmetry with a break at nearly the same price as the initial peak.

  • We finally got that EMA crossover everyones been looking for.

  • Approaching historical trend cycle point, overhead resistance, and 78% retrace.

  • There may be a bit of a struggle to over take the overhead resistance, but if we break out we could see a nice handle rally up towards the 127% extension.

  • True strength has been laying down new higher lows since March 30th, looking for a new swing within 24 hours.

  • As we can see from the OBV, volume is still at a major high.

  • The stochastic RSI of the volume however is consolidating down near the twenty line. Paired with the