It is not unlikely that the 3.00 psychological mark is causing the pullback. That being said, if the price breaks to the lower side of the pattern, you can see support at 2.53. If this price breaks to the upside of the pattern, the march continues. Keep in mind, if the price breaks to the downside and tests support, this is not a band thing, you want to see this type of pullback for further consolidation. It is part of any heathy price movement. It the price breaks to the downside, this does not mean there is a trend reversal, just that more consolidation is needed to push higher. Which is something I have been asking for, for the past few days now. However, if there is a reason for me to think there is a trend reversal, I will let you know. the last smaller cup and handle confirmed a price of 2.94.
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.
Feel free to like this chart and follow me. All the support is welcomed. Thanks again! GLHF.
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.
Feel free to like this chart and follow me. All the support is welcomed. Thanks again! GLHF.
Comment:
I noticed a fib retracement line around 2.80, this corresponds with a good amount of volume as well. I expect this level to be tested first.
Comment:
Bottom trendline is breaking, pullback imminent!
Comment:
This is an interesting pattern because you can see a clear bear flag at the 1h, however there is also ascending triangle forming at the 15 minute (bullish). It would be best to keep an eye on this in the next couple hours.
