#ADA : Building up for a +150% Profitable Trading Scenario?Let's be fair and honest on this one... Cardano is one of the best blockchain ecosystem out in the sector and it is one of the undervalued projects from the view point of its brighter future. There are so many fundamental and technical indications that #ADA is in a healthy market manner.
While the sentiment is positive let's see what specifically highly influencing prediction indications makes this trade sound by which we will raise some technical insights about what I see and you will add your thoughts on it.
Since May's trial of a reversal breakout and a sharp rejection of the trail #ADA was in a formation of a major downward channel with a sloppier minor channel formation inside it. By this it has been correcting with the alt coins in the overall sector and actually was a healthy move too.
2023 is the year by which many are considering to be Cardano's year with major community and developer team news expected to be released sooner or later this quarter.
Technically speaking the minor channel formed inside the major and higher time frame channel and it is already trying to breakout on the daily time frame. If this or the pull back test after some days trading will successfully keep the position above the resistance the next heavy points to be considered as a resistance are the 0.23 fib level and the the resistance downward trend line of the major downward channel and the 50% fib levels will be the strongest to confirm a longer term bullish move.
SMA : looking super bullish for the short term by forming the perfect setup from SMA 5 to SMA 21.
MACD : looking bullish with a crossover with the signal line and all MACD, Signal line and Histogram approaching the zero level.
Volume : Comparatively going in a healthy manner but needs some more momentum in order to see a stronger candle move.
Change of Character : already telling as there is a bullish sentiment.
Channel Breakout : The descending channel formed since Mid August is already broken. If #ADA can hold above it, that will be a bullish sentiment too.
RSI : Looking to go forward to the overbought area sooner or later and still in favor of the bulls though.
Fib Levels : The short term fib reversal level at 23% is already broken. The fib levels which are extended to the far right are the possibly stronger resistance levels for the short term and the one's in the middle of the chart are for the longer term opportunity.
Fundamentals : If fundamentals by which the Cardano team including the founder Charles Hoskinson promised to deliver in the first quarter of the year can be achieved on time the following 3 months will be a good greenish celebration days for #ADA hodlers too.
I will be updating more on the fundamentals and I will also try to watch it on different time frames and from different perspectives too including additional indicators and pattern formations. Stay Tuned.
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of #AbaNefsoBulls rather it is authored and complied by its founder. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
With Regards.
Nathnael B.
