Instead of consolidating into the bull flag that was forming, ADA was prematurely pushed upwards to test the all time high. Due to the lack of consolidation, the buyers were exhausted, sellers entered the market and punished the premature price move. This is something I had warned about previously. However, it is not the end of the world. ADA will fall back to the consolidation zone noted on the chart, and promptly fill the gaps in volume. If ADA can manage to stay above the strong support at 2.84, that is where it will consolidate instead. From there I expect ADA will have enough energy to move forward yet again. The 3.00 price target is especially difficult because it has strong emotional resistance. This is typical for any price range that has been "hyped up", is a round number, or is a record high. The 3.00 price target happens to relate to all 3 examples. Therefore, to get past this resistance, ADA will need to fall back and consolidate. I still believe the trend for ADA, and crypto in general, is bullish at the moment.
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. 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.
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. 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.
Comment:
Please let me know if you guys like the white background or the black. I can see things better with the white background, so that is what I chart in. However, I realize this can be hard on the eyes for some people. Let me know what you think below.
Comment:
Small consolidation triangle forming at the end of the pattern.
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The triangle pattern (looks like a forward arrow) forced a decision which was downward. It has currently expanded the arrow now, which means at the next focal point another decision will be made.
Comment:
Descending triangle formed.
