CardanoLong
ADA - And the Technicolour Dream Coat Chart
Updated
ADA is still looking great for the longterm and ADA is still in the Ichimoku Cloud Bullish Zone for this timeframe.
If we look at the Daily Chart for ADA, we can see that ADA is still above its 50EMA and has finished yesterdays candle in the green.
ADA has also found support from its lower Yellow Pitchfork Support Line.
For this timeframe, ADA is below its Ichimoku Cloud Conversion Line (Tenkan Sen) and Bollinger Bands Middle Band Basis which we need to cross back over.
The Ichimoku Cloud Lagging Span (Chikou Span) is indicating momentum is upwards at the moment. I have left the RSI of this chart, but at the moment it is also showing momentum is upwards as well.
At the moment, ADA is trying to make it back over its Volume Point of Control (POC).
The ADX DI SMA is indicating ADA is still in an uptrend but the trend strength has weakened with the +DI (Green Line) which is at 14.1 & still above its -DI (Red Line) which is at 11.8. The ADX (Yellow Line) is at 23.4 but slightly under its 10 Period SMA (Black Line) which is at 25. Trend strength weakening is normal with sideways trading.
The Bollinger Bands are indicating we are still in sideways trading, because remember that sideways ranging is done within a range and not at a constant level.
We need to close a daily candle back above the Bollinger Bands Middle Band Basis and then the Conversion Line (Tenkan Sen). If we close back above those levels then ADA will be primed for another attempt to get back above the Pitchfork Median Line especially if we close above our Volume Point of Control (POC).
If you watched the Cardano360 event yesterday, you would have learned about their plans for the rollout of Smart Contracts with the Alonzo Roadmap. Cardano is certainly primed to be a giant player in the blockchain space, it's pretty obvious to see that as the months go by, DeFi use cases Cryptos like Cardano ADA will really start to outshine some older, lesser "store value only" cryptos. Even if you’re a BTC maxi, ADA should definitely be in your longterm portfolio........ And VET 💪.
I hope you have found this helpful with your trading and hodl-ing. Cheers 👍🔥🚀🌔🪐
If we look at the Daily Chart for ADA, we can see that ADA is still above its 50EMA and has finished yesterdays candle in the green.
ADA has also found support from its lower Yellow Pitchfork Support Line.
For this timeframe, ADA is below its Ichimoku Cloud Conversion Line (Tenkan Sen) and Bollinger Bands Middle Band Basis which we need to cross back over.
The Ichimoku Cloud Lagging Span (Chikou Span) is indicating momentum is upwards at the moment. I have left the RSI of this chart, but at the moment it is also showing momentum is upwards as well.
At the moment, ADA is trying to make it back over its Volume Point of Control (POC).
The ADX DI SMA is indicating ADA is still in an uptrend but the trend strength has weakened with the +DI (Green Line) which is at 14.1 & still above its -DI (Red Line) which is at 11.8. The ADX (Yellow Line) is at 23.4 but slightly under its 10 Period SMA (Black Line) which is at 25. Trend strength weakening is normal with sideways trading.
The Bollinger Bands are indicating we are still in sideways trading, because remember that sideways ranging is done within a range and not at a constant level.
We need to close a daily candle back above the Bollinger Bands Middle Band Basis and then the Conversion Line (Tenkan Sen). If we close back above those levels then ADA will be primed for another attempt to get back above the Pitchfork Median Line especially if we close above our Volume Point of Control (POC).
If you watched the Cardano360 event yesterday, you would have learned about their plans for the rollout of Smart Contracts with the Alonzo Roadmap. Cardano is certainly primed to be a giant player in the blockchain space, it's pretty obvious to see that as the months go by, DeFi use cases Cryptos like Cardano ADA will really start to outshine some older, lesser "store value only" cryptos. Even if you’re a BTC maxi, ADA should definitely be in your longterm portfolio........ And VET 💪.
I hope you have found this helpful with your trading and hodl-ing. Cheers 👍🔥🚀🌔🪐
Note
UPDATE:If we look at the daily chart, ADA has made it back above its Bollinger Bands Middle Band Basis and its Volume Point of Control (POC).
ADA found resistance at the Pitchfork Median Line and dropped back down under its Conversion Line (Tentak Sen) which should have been expected.
The ADX DI SMA is indicating Positive Trend Strength is increasing since yesterday with the ADX (Yellow Line) at 24.5 and looking like it will cross back above its 10 Period SMA (Black Line) which is at 25.2. The +DI (Green Line) is at 17.9 above its -DI (Red Line) which is at 11. Indicating the gap between the +DI and -DI is increasing.
The Ichimoku Cloud Lagging Span (Chikou Span) is indicating a sharp upwards momentum trajectory.
At the moment ADA is finding a bit of resistance at its Ichimoku Cloud Conversion Line (Tenkan Sen). We should see another attempt to get back above both the Conversion Line (Tenkan Sen) and the Pitchfork Median Line later tonight or by latest tomorrow.
It will be a very good sign if we close this daily candle above the Bollinger Bands Middle Band Basis which it looks like ADA will do. But it will be an even better sign if we close this daily candle or a weekend daily candle back above the Pitchfork Fork Median Line.
Good times are coming. I hope this is helpful 👍
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