So, on my last chart I noted that the small cup and handle pattern was telling us our next target was 2.75. Well, that target was hit right after I saw the bull flag and put out the calculation. However, there is still a larger cup and handle formed May 18th that has given us a target of 3.25. I expect there will be a period of consolidation soon in preparation for a move to 3.00. This will be a huge psychological level that will produce a lot of buying and selling. So, there might not be much consolidation at all. It looks as though there is a huge amount of volume at the moment. We might just end up at 3.00 before we know it. However, a little consolidation would be nice. If we can stay above it, our 3.25 target will be reached easily. However, it is likely that Cardano will produce more smaller cup and handle patterns as it has been doing over and over again. If that happens, that is a good sign.
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:
This wasn't a giant move (comparatively speaking), somewhere around 7-8%. The pullback range will be 2.761 - 2.692 . The lion share of the support is at 2.631 in case things get dicey.
