ADA showed us last night that it has strong bullish support and has no intention of retreating until it tests the all time again at least one more time. I am actually surprised at the amount of bullish sentiment after a failed run to all time high. Usually, the price is severely punished after an all time high miss. However, the bulls don't seem to care, and will not be exploited by the sellers. This is definitely a quality unique to the crypto space. I like to air on the side of caution however. I would rather be careful than foolish. If we take a look at the chart I noticed a giant ascending triangle that has formed with the top being the all time high range and the hypotenuse being the slope. Since the volume has had time to consolidate, the support zones are clearly defined and have a massive amount of volume behind them. The consolidation pattern that is forming at the moment is flagging. The price is still in the consolidation zone I created on my last chart and I believe it will stay here until it is ready. It is not the prettiest pattern, but it will do for now. We are likely to see more consolidation and a strong push to test the all time high in the coming days. I will be watching closely.
I am going to make a video soon teaching everyone my approach to charting. I will cover the entire workflow process I go through. I hope you enjoy it.
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.
I am going to make a video soon teaching everyone my approach to charting. I will cover the entire workflow process I go through. I hope you enjoy it.
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.
Comment:
Consolidation is breaking the flag pattern to form a cup. This pattern will likely be the catalyst for the next push to the all time high.
