ADAUSD Descending Triangle will it hold
So, ADA has been confused as of late. We have seen 2 bullish patterns break to the downside recently which tell me people want to get in at a better price point. There was a lot of consolidation and though we have 3 lower highs, we don't have the retracement necessary to confirm the trend. This tells me we are just looking at a pullback. Overall, I believe the market is confused. They want a lower price, but they also want the price to continue higher. This can be caused by people selling a large part of ADA to avg down, then getting cold feet. If the price is not able to continue downward, this pattern will break and the market will agree the price should go up. I have alerts set at both the bottom and top of this triangle because, due to the confusion of the market, I legitimately don't trust any pattern right now.
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.
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