If you take a look a look at my last chart, you will see the consolidation zone is filling nicely. This is doing a great job at filling the price gap between 2.5-2.7. Once consolidated, the price will have reached equilibrium and the market will need to make a choice, which pushes the price up naturally if the consensus is bullish (which it is). However, I hope this lasts a few more days to build the strength it needs in order to make a new high. The slope of the 200MA will decrease soon to match the price decrease that has occurred as of late. Expect the price to be within close range of the 200MA. If the price has a major separation from the 200MA in any direction that could single a strong price movement. Long story short, we still have a falling wedge, consolidation and the signed of a overall bullish pullback. If this changes, I will let you know.
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.
Comentarios
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If you look very closely you can see an arrow where the price is consolidating. At the end of the arrow, the price will shift up or down.
Hey everyone, so I was thinking lately it would be better to teach people technical analysis through video. I will go step by step in regards to how I approach a stock/crypto and my general workflow of technical analysis and charting. If you think this is a good idea let me know by liking this comment or leaving a comment of your own. If you have any other suggestions I'd love to hear it! Thanks again for all of the support!
nonxxan
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@imnotgoodatall, It would be absolutely amazing, thank you! :)
mysticalwalrus
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@nonxxan, Thank you! I really appreciate it! If you take a look at the small arrow looking triangle that formed at the front of the consolidation zone, where it breaks is hinting to where it wants to move. In this case it is breaking upward, trying to fill the volume stairs slowly.
@imnotgoodatall, Video would be amazing and such a generous offer to share your time, thanks
mysticalwalrus
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@mickodonegan, Thank you a lot! Ok, I'm going to work on it!
Awudu1844
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Thanks alot for the excellent heads-up. Your Technical Analysis is topnotch.
mysticalwalrus
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@Awudu1844, Thank you so much! I really appreciate it. If you look at the chart, the volume will drop while it is consolidating and create a stalemate between buyers and sellers. Watch for the volume to increase prior to a significant move!