ADA has formed a small cup after the recent pullback, if the handle forms (I think it will). The next target will be minor target of 3.04. This was found by the cup and handle calculation: (2.84 - 2.64 = 0.2) (2.84 + 0.2 = 3.04). This move will be important because it will create a new high which validates the upward trend. If the pattern fails, and no handle is formed, expect a pullback to the 2.6-2.4 range.
Keep in mind ADA goes live in Japan on AUG 25 at 8:30am. I believe this is on AUG 24th at 4:30pm PST. Let me know what you think!
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.
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We still have a major target of 3.25 from large cup and handle created May 18th
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Edit to chart: Cup has formed, if handle forms, minor target of 3.04
@wingcitysites, Thank you, I appreciate it! I just posted a new chart. Keep an eye on ADA in the 5 minute, if the pattern completes, it's going to push.