So after a bit of a battle, we did break past the 1.618 fib and had a nice run up. If BTC holds steady, we may consolidate down to the channel top and bounce. Or if BTC goes more sour, we could fall back down to the 1.618 again and flip it to support. In either case, these are potential bullish points of support for ADA while it enters this new run of price discovery.
If Bitcoin takes another big dive, then of course everything is off the table. Because of the BTC magnet effect, the short game is all speculation. But in the long game sentiment eventually wins out over wacky daily price action. ADA wants to go up. The sentiment is that it will.. it is pretty hot right now, and has some big things coming up in the near future. It won't be long before we're headed into the 'buy the rumor' stretch before the Alonzo upgrade. If it works like it did with the Mary hard fork, the next fork will be priced into ADA well before it happens. Peering into a dubious crystal ball, I would venture a guess that ADA will have a nice run up prior to Alonzo.. after which it will trade flat or dip, then earn a steady rise through adoption and use if all goes as planned with the upgrade.
At the moment, ADA and DOGE are fighting for the #4 spot, and it is neck and neck. ADA already briefly took the spot from DOGE, but DOGE isn't going down without a fight and has reclaimed it again.
Crypto is fun :)
If Bitcoin takes another big dive, then of course everything is off the table. Because of the BTC magnet effect, the short game is all speculation. But in the long game sentiment eventually wins out over wacky daily price action. ADA wants to go up. The sentiment is that it will.. it is pretty hot right now, and has some big things coming up in the near future. It won't be long before we're headed into the 'buy the rumor' stretch before the Alonzo upgrade. If it works like it did with the Mary hard fork, the next fork will be priced into ADA well before it happens. Peering into a dubious crystal ball, I would venture a guess that ADA will have a nice run up prior to Alonzo.. after which it will trade flat or dip, then earn a steady rise through adoption and use if all goes as planned with the upgrade.
At the moment, ADA and DOGE are fighting for the #4 spot, and it is neck and neck. ADA already briefly took the spot from DOGE, but DOGE isn't going down without a fight and has reclaimed it again.
Crypto is fun :)