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ADAUSD The Punishment Begins

This is just a really quick update because I don’t want to repeat myself. ADA has made a run of the all time high and missed. That is not good because, like I said bulls, like to see higher highs to confirm an uptrend. So we have a descending triangle now which will almost surely be broken to the downside. If it falls, it can be held by the 2.70 support. If it is held there, it will consolidate between 2.70 and 2.83. Now, if that does not hold the price will be headed to the 2.47 support and will consolidate between 2.47 and 2.69. Like I said before, It is really not a good thing for a run on the all time high and a miss. But it’s not the end of the world, we just have to wait and see what happens. Worst case scenario is the 2.47 support does not hold and the price falls to 2.2, in which it will consolidate between 2.2 and 2.47. It will not happen overnight and it will likely produce patterns along the way that I will be able to interpret.

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. 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.