Intro: - ERGO is an Oracle that will be used for the Cardano blockchain. - ERGO worked together with Charles from Cardano and they talk highly from each other which is a good thing if you believe in ADA and it's approach. - SEC confirmed that crypto will not be banned and especially Bitcoin and Ethereum will not be banned.
Daily chart: - Price currently is within a downtrend and near a local support around 10.5$. - Volume decreases since the start of September where ERG was listed on Kucoin. Once we break the downtrend this could change quickly. - RSI analysis shows a "soft" downtrend breakout. We are still going down but could set a higher low. - Support lines are at 10.5$ and 8$. - Resistance lines are at 12.5 and 19$.
Expectation: - We expect a further price appreciation during the next three months and a solid recovery until the end of October. Currently price depends on the ADA price token which is stagnant at this moment. - Looking forwards into October where we might see an ETF approval for Bitcoin . This would be in favor for the whole market. - We possibly retest the 10.5$ line which could act as support and help ERG to push through the purple line. This could lead to another bullish rally together with the whole Cardano ecosystem. - End of the year prediction: We will see a 50$+ Ergo before the end of 2021.
Basic rules: - Never buy the top/ ATH - Take profit as long as you can (also partial profit is profit) - Use Stop/loss for leveraged positions - If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy. If you like the content, please like, comment and give this channel a follow. We would love it if you could share your thoughts in the comments. Discussions are very welcome here. Always do your own research and keep in mind that my charts and comments cannot be considered financial advice. Cheers
ps. Chart explanation: Main lines: - Green lines are tested support lines. - Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet. - Cyan line is for volume trendline. - White lines are Fibonacci retracement levels Helplines: - Purple lines are trendlines we take a look at. - Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA. - Yellow lines are for visual help only. Specials: - Boxes represent either entry zone or support zone . Check the description. - Cameras represent MA crossings. Yellow camera stands for a golden cross while the cyan camera stands for a death cross.
Nice work. I have also been waiting for ERG to break that purple line. That will happen anytime soon unless the $10.5 doesn't hold. For now I am still expecting 10.5 to hold and a breakout once we cross that line. I think we should get more visibility this week
tumbler55
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@KuantumWinter, Hey man, thank you very much.
Seems legit what you say.
Let's hope for the best.
Do you think Chainlink did take away a big chunk from Ergo?
KuantumWinter
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@tumbler55 you're welcome. I think Chainlink partnership took away some of the momentum but I don't think it fundamentally changes anything for Ergo long term. There will be more than just one Oracle and Ergo has something unique in its Oracle pools
KuantumWinter
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@tumbler55 BTW, Ergo is more than just an Oracle. There is also ErgoDex that will be a DEX for both Ergo and Cardano and they have a partnership with Graviton to bridge Ethereum tokens.
tumbler55
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@KuantumWinter, Looks like the 10.5$ Support did not hold...now we look for the 8$ support xD
KuantumWinter
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@tumbler55, Yes it has dropped from that but it is still holding quite well between 9 and 10. The falling wedge has gotten really tight now and if you look at data going all the way back to May you would see that this can be seen as the handle of a cup and handle pattern. Granted the handle is deeper than I would have liked it to be but it is still there. On top, the RSI is low and if you look at the MACD as well, it looks like an upside is possible any moment now. I still think there is more chances of it going up than down. But of course it can drop deeper.