ADA looks like it's forming a symmetrical triangle in a longer tf descending triangle. If it's able to breakout, I have some targets here out of the wedge and towards a gap fill up to 0.8.
I'll trade this on spot/1x just because of the macro landscape knowing it'll eventually recover, or else a break down you can SL on.
Cardano to remains one of the best potential candidates for a "winner" of the L1 race despite the slow speed of progress and skepticism.
Most of the supply is locked up so any spike in demand for the asset can provide a good supply shock that will move the price. Almost all ada is staked.
Now that ETH is PoS, even though the hard fork presents risk, I do suspect ADA will eventually draw attention. It's a question of when.
BTC is drawing similar so I think it'll all move together. ADA has a good change of breaking out vs BTC in my opinion so I'd drop a little in both spots near term for a bullish movement. Hard to say what'll happen as I am bearish on most markets today.
DYOR not financial advice. Stay safe!
I'll trade this on spot/1x just because of the macro landscape knowing it'll eventually recover, or else a break down you can SL on.
Cardano to remains one of the best potential candidates for a "winner" of the L1 race despite the slow speed of progress and skepticism.
Most of the supply is locked up so any spike in demand for the asset can provide a good supply shock that will move the price. Almost all ada is staked.
Now that ETH is PoS, even though the hard fork presents risk, I do suspect ADA will eventually draw attention. It's a question of when.
BTC is drawing similar so I think it'll all move together. ADA has a good change of breaking out vs BTC in my opinion so I'd drop a little in both spots near term for a bullish movement. Hard to say what'll happen as I am bearish on most markets today.
DYOR not financial advice. Stay safe!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.