ADAUSD Extremely Tight Consolidation
Updated
There has been so much movement regarding the price as of late, it is finally finding a place to rest for a moment. So much so, the price is consolidating into a funnel. Bringing the price closer and closer into equilibrium until an agreement is made, and a trendline is broken. There is something truly beautiful about patterns and trendlines. Anyways, now would be a good time to keep an eye on ADA. If it slips, it might fall into a pattern that will resemble a bullish flag (most likely), it could push upwards, or it could break the flag pattern and retest a support. Whatever happens, I'm sure the pattern will be just as amazing as it has been lately.
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.
Feel free to like this chart and follow me. All the support is welcomed. Thanks again! GLHF.
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.
Feel free to like this chart and follow me. All the support is welcomed. Thanks again! GLHF.
Note
This price consolidation is going to create a lot of support or resistance for the price. I am guessing it will break the lower trendline, fall into a larger flag pattern. Personally, I would like the price to consolidate for a couple more days, before it tries to retest.Note
I also like the fact the triangle is symmetrical. Both sides attach to a single candle and are the same same length.Note
Update, it just tested the top trendline. It is trying to break out at the moment.Note
CONGRATULATIONS! Another new all time high! You heard it here first folks (as usual). The upward trend marches to 3.00.
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