ADAUSD Makes A Small Gain

KRAKEN:ADAUSD   Cardano / U. S. Dollar
On the extremely short term trend scale, ADA had made a higher higher and a higher low. I have marked this on the chart so I can see it easily. We do not have the 60-30% retracement as of yet. It is sitting at it's minor support level at the moment and has not broken from the main trend line . ADA has a lot of work to do if it wants to reach a new all time high, in my opinion. We would like to see 2 higher highs and 2 higher lows with the proper retracement. If ADA doesn't produce that, you will probably not see a run on the all time high. Therefore, I am still neutral on ADA in the short term. If there is a pullback, I will look for an entry near the 2.2 price range during a major pullback. However, I am bullish on ADA long term (5-10 years out).

Now for some good news. As a person who follows ADA closely, I know that the adoption of the platform will happen very quickly with the release of smart contracts on the 12th of September. In fact, I think it was built with such a great foundation, I might just do an entire post on the fundamentals of Cardano sometime in the future. Pretty soon, we will see NFTs being created, DeFi, applications being developed, and overall strong adoption of the ADA blockchain platform as a whole. If there will be any immediate reason for ADA to move higher, it will likely be news coming from the summit on the 25-26 of September. So I would keep an eye on their twitter accounts around that time.

Again, I apologize for having less time to post at the moment, but that will change in a couple weeks.

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.

Tell me what you think?

This is not financial advice. DYODD.
Comment: ADA has broken out of the top trendline. Poked yet another hole giving a clue to it's later movements while also creating another higher high.
Comment: Correction to post: there was retracement of about 40%. I missed it when I was looking over the chart.
Comment: In case anyone was wondering the bump in price was due to the Alonzo hardfork going live on their test network a few hours ago. That being said, there were obviously people skeptical of ADA Alonzo going live and have waited until this confirmation to enter ADA.