Unlucky Day for ADA
Updated
The price has broken to the downside of the pattern while writing this chart. I have also noticed an ominous pattern forming which I will post later on today if it continues to form. It may retreat while I am writing this, but even so, that is not a good sign. Though there was more volume today for ADA, the price floundered and there was only selling volume that existed. Buyers are exhausted, and this is mainly due to the fact that no new high was reached like I said would happen if it didn't create a new high soon. Bulls like higher highs. Therefore, there is no reason to buy if there is no upward momentum behind it. If the price continues to push through, it will likely test the first major support level, if that holds, we will see consolidation and most likely more patterns form indicating a direction. But for now, this was a bearish signal. The next alerts you need to make are on the major support lines. If it does not hold, we will see a pullback to the second support line, etc.
I am going to make a video soon teaching everyone my approach to charting. I will cover the entire workflow process I go through. I hope you enjoy it.
Now lets talk about why ADA has so much strength recently. 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.
I am going to make a video soon teaching everyone my approach to charting. I will cover the entire workflow process I go through. I hope you enjoy it.
Now lets talk about why ADA has so much strength recently. 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.
Note
Right now the main support is 2.70 (being tested at the moment)Next support is 2.48.
Next support that 2.2
Note
It is worth mentioning that many of you might think you see a bull flag forming, but think again. A bull flag is a continuation pattern and that is not the case here.
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