ADA still on track
Over the last couple days I have put out a couple bullish predictions for ADA, and I'm doubling (tripling?) down on those predictions here. To recap:
If you look over my last two posts, you'll see I have identified a couple points to watch. The first was the ~1.06 level which I predicted would be the local minimum for ADA. I based this mostly on the channel/range that ADA has been trading in; a range that looks to be continuing at present.
The second was the 1.20 level. We saw a test of the 1.20 resistance yesterday, as predicted, and we failed to cross that level to continue the bull run in the near term. As of the time I'm writing this, ADA is trading around 1.10 and is closing in on the lower bound of the channel we've been in for weeks.
As you can see in the 1H chart, nothing about the trading activity of the last couple days is inconsistent with the larger trend of the last several weeks. The ATH at 1.48 continues to form the peak of a triangle which is reaching the end of its pattern. Once that happens, we are likely to see a breakout which takes us to new ATH in the near to mid term, in my opinion.
This opinion is based on two things. First, the fundamentals of Cardano remain strong in my view. Cardano (specifically the Mary update and planned future updates) brings some competition to Ethereum, which I believe will be a good thing for both projects. Complacency breeds failure, and a viable alternative (which i believe Cardano is shaping up to be, barring any unforeseen technical hiccups) will apply much needed pressure on the Ethereum community to solve some of their key challenges and move quickly to 2.0. Cardano's PoS consensus mechanism, for example, is completely in line with the broader trend in the space, and puts Cardano in a leadership position relative to Ethereum, at least for the near term.
The second reason I'm bullish on ADA is the technicals. Nothing I have seen recently indicates to me a break from the weeks-long trajectory ADA has been on. The triangle pattern formed by the ATH suggests to me that we may be in store for a significant rise in ADA price over the coming days or weeks.
I'll continue to watch the support level around 1.06 for signs of a breakout to the downside, but my prediction is quite the opposite. So far, investors seem to be bullish on ADA overall. This has been seen most recently in the drop to just over $1 which was met with sufficient activity among buyers to put ADA into a holding pattern around 1.10.
I believe the trend over the last couple of days represents a needed consolidation for ADA before a climb to new ATH in the days/weeks to come.
In short, Cardano remains a project with solid fundamentals and compelling technicals, which leads me to see the potential for a significant move to the upside.
A note: This is not financial advice, just my opinions based on the same information you all have access to. Do you see things similarly? Differently? In either case, I'd love to hear feedback.
If you look over my last two posts, you'll see I have identified a couple points to watch. The first was the ~1.06 level which I predicted would be the local minimum for ADA. I based this mostly on the channel/range that ADA has been trading in; a range that looks to be continuing at present.
The second was the 1.20 level. We saw a test of the 1.20 resistance yesterday, as predicted, and we failed to cross that level to continue the bull run in the near term. As of the time I'm writing this, ADA is trading around 1.10 and is closing in on the lower bound of the channel we've been in for weeks.
As you can see in the 1H chart, nothing about the trading activity of the last couple days is inconsistent with the larger trend of the last several weeks. The ATH at 1.48 continues to form the peak of a triangle which is reaching the end of its pattern. Once that happens, we are likely to see a breakout which takes us to new ATH in the near to mid term, in my opinion.
This opinion is based on two things. First, the fundamentals of Cardano remain strong in my view. Cardano (specifically the Mary update and planned future updates) brings some competition to Ethereum, which I believe will be a good thing for both projects. Complacency breeds failure, and a viable alternative (which i believe Cardano is shaping up to be, barring any unforeseen technical hiccups) will apply much needed pressure on the Ethereum community to solve some of their key challenges and move quickly to 2.0. Cardano's PoS consensus mechanism, for example, is completely in line with the broader trend in the space, and puts Cardano in a leadership position relative to Ethereum, at least for the near term.
The second reason I'm bullish on ADA is the technicals. Nothing I have seen recently indicates to me a break from the weeks-long trajectory ADA has been on. The triangle pattern formed by the ATH suggests to me that we may be in store for a significant rise in ADA price over the coming days or weeks.
I'll continue to watch the support level around 1.06 for signs of a breakout to the downside, but my prediction is quite the opposite. So far, investors seem to be bullish on ADA overall. This has been seen most recently in the drop to just over $1 which was met with sufficient activity among buyers to put ADA into a holding pattern around 1.10.
I believe the trend over the last couple of days represents a needed consolidation for ADA before a climb to new ATH in the days/weeks to come.
In short, Cardano remains a project with solid fundamentals and compelling technicals, which leads me to see the potential for a significant move to the upside.
A note: This is not financial advice, just my opinions based on the same information you all have access to. Do you see things similarly? Differently? In either case, I'd love to hear feedback.
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