Hello everyone, as we all know the market action discounts everything :)
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Cardano (ADA) cryptocurrency surged by over 18% to set a new all-time high of $2.57.A Big Cup & Handle pattern emerged and broke out 3 days ago which explains the coin movement, The coin is having a very good Bullish movement which could be the start of a Bullish trend.
Be careful from the Divergence that has been found between the RSI And the Market that could be a reversal sign and the price has a very good chance to drop down.
The Market does seem to be Turning Bullish with this push and we can see 2 different scenarios on how the market could move in the next few days.
Bullish Scenario :
The Coin is at 2.742346 right now, if the Bulls kept supporting this trend then we will see the market hitting the first resistance line at 2.565357, Notice with the Bulls power right now they shouldn't have any problem breaking out the first line, But the real Battle starts at the next resistance level at 2.675435 where the Bears will try to gain control back over the market and if they fail then the price will keep going up reaching the 2.771431 range.
Bearish Scenario :
We spotted a Divergence between the RSI and the Market this could be a Reversal sign and if that would to happen then the current trend will change and the price will drop down and it's going to be on its way to the first Support line at 2.359283 where the Bulls will try to retake control over the market and if they fail then we could be seeing a bigger drop and the market will be headed near the support area at 2.263287 - 2.153209.
Technical indicators showing :
1) The Market is above the 5 10 20 50 100 200 MA and EMA (Bullish sign)
2) The MACD is above the 0 line showing that the market is in a Bullish state, with a positive crossover between the MACD line and the Signal Line
3) The RSI is at 78.79 sitting in the overbought zone, With a divergence between the indicator and the market, which could be a reversal sign.
Support & Resistance points :
support Resistance
1) 2.359283 1) 2.565357
2) 2.263287 2) 2.675435
3) 2.153209 3) 2.771431
Fundamental point of view :
it seems like the “Alonzo” upgrade has a significant impact on investor sentiment. The upgrade is about smart-contract features and addresses what critics have called one of the network’s most glaring deficiencies.
For instance, smart contracts have been a revolutionary strength in the blockchain industry. This is because they have allowed the creation of Decentralized Finance protocols, non-fungible tokens (NFTs). Also, a new form of carrying out trades without the need for an agent.
Cardano (ADA) is one of the projects that have gained momentum throughout 2021. But now that the project’s long-awaited smart contract abilities are on the verge of becoming reality, the crypto is on the hill of setting new all-time highs. According to Coinquora
This is my personal opinion done with technical analysis of the market price and research online from fundamental analysts for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.
_________________________________Make sure to Like and Follow if you like the idea_________________________________
Cardano (ADA) cryptocurrency surged by over 18% to set a new all-time high of $2.57.A Big Cup & Handle pattern emerged and broke out 3 days ago which explains the coin movement, The coin is having a very good Bullish movement which could be the start of a Bullish trend.
Be careful from the Divergence that has been found between the RSI And the Market that could be a reversal sign and the price has a very good chance to drop down.
The Market does seem to be Turning Bullish with this push and we can see 2 different scenarios on how the market could move in the next few days.
Bullish Scenario :
The Coin is at 2.742346 right now, if the Bulls kept supporting this trend then we will see the market hitting the first resistance line at 2.565357, Notice with the Bulls power right now they shouldn't have any problem breaking out the first line, But the real Battle starts at the next resistance level at 2.675435 where the Bears will try to gain control back over the market and if they fail then the price will keep going up reaching the 2.771431 range.
Bearish Scenario :
We spotted a Divergence between the RSI and the Market this could be a Reversal sign and if that would to happen then the current trend will change and the price will drop down and it's going to be on its way to the first Support line at 2.359283 where the Bulls will try to retake control over the market and if they fail then we could be seeing a bigger drop and the market will be headed near the support area at 2.263287 - 2.153209.
Technical indicators showing :
1) The Market is above the 5 10 20 50 100 200 MA and EMA (Bullish sign)
2) The MACD is above the 0 line showing that the market is in a Bullish state, with a positive crossover between the MACD line and the Signal Line
3) The RSI is at 78.79 sitting in the overbought zone, With a divergence between the indicator and the market, which could be a reversal sign.
Support & Resistance points :
support Resistance
1) 2.359283 1) 2.565357
2) 2.263287 2) 2.675435
3) 2.153209 3) 2.771431
Fundamental point of view :
it seems like the “Alonzo” upgrade has a significant impact on investor sentiment. The upgrade is about smart-contract features and addresses what critics have called one of the network’s most glaring deficiencies.
For instance, smart contracts have been a revolutionary strength in the blockchain industry. This is because they have allowed the creation of Decentralized Finance protocols, non-fungible tokens (NFTs). Also, a new form of carrying out trades without the need for an agent.
Cardano (ADA) is one of the projects that have gained momentum throughout 2021. But now that the project’s long-awaited smart contract abilities are on the verge of becoming reality, the crypto is on the hill of setting new all-time highs. According to Coinquora
This is my personal opinion done with technical analysis of the market price and research online from fundamental analysts for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.