ADA has failed to reach its all time high on 3 separate occasions. I missed the last one because I was gone the entire day (Saturday), but I spent a bit of time checking the the different timeframes and noticed a few things signaling a possible trend reversal. The first is the the most obvious: downward sloping highs. However, it lacks the retracement to confirm the trend reversal. If you take a look at the orange line I made covering the 200MA, I made this so you can see the slope diverge and slump over (the 200MA is the tiny orange line breaking off of the thick orange line). The next thing you want to keep an eye on is the large blue trend line I made. A break below this will signal a trend reversal, and falling past 2.48 will confirm a trend reversal. We have our lower highs, but we do not have our lower lows at the moment. The problem with this is confirmation of trends takes time, and for most people, they do not have the time. I have noted the possible support levels we have. If it falls, it is likely to land around 2.20. However, we will know far before that happens. I actually wanted to post a 1D or 1W chart showing where I think things will go, but I needed to use this chart to fit everything in that I wanted to talk about. All that being said, this does not mean there is a trend reversal as I said. I just want to make you all aware ADA is signaling bearish times. But like I have said a million times by now, trends change quickly. All it takes is a bit of news, a large money movement, or sentiment to shift for a trend to move in a different direction. The news regarding the release of Alonzo on the 12th has already been priced into ADA, in my opinion. For your information, I am still long on ADA and plan to hold it for around 5-10 years taking a bit of profit here and there. I will put it to you this way, I purchased ETH a long time ago around 75 bucks and sold most of it when it went to 350 back in 2017. That was quite the learning lesson for me.
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.
Now lets talk about why ADA has so much strength recently. 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.
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.
Now lets talk about why ADA has so much strength recently. 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.
