ADA is fighting hard to invalidate the descending triangle. The closer to the end of the triangle it gets, the less incentive people have to buy at the low range and sell at high range because there is less profit. However, by the time the 200MA reaches the end of the triangle, it can be considered invalid because it will not only fill it most of the volume space that is missing and further consolidate, it will be sitting right above the 200MA. Looking at the chart I have made an extension of the 200MA, and showed the range in which ADA will consolidate to fill the gap in volume. Once that happens, ADA will fight to stay above the 200MA and the price will naturally be pushed upwards. That will conclude the long consolidation period it had. This will create an extremely strong foundation for ADA moving forward. There is still a weakness in volume between 2.20 - 2.40 but it would have to fight through quite a bit of support to get there. Overall, this looks good for a push upwards. Like I said before, even if the triangle fails, the price will be held by the 200MA. If the price falls far below the 200MA a serious downtrend should be considered immediately.
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.
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:
pattern has broken, 200MA incoming
Comment:
Price bounce off of 200MA, Bullish hammer candle created.
