ADAUSD Makes New ATH What's Next?
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So, lets talk about what we see from this chart first. We can see that once a 2nd new higher high was made, ADA ran to test the all time high and broke a serious psychological resistance level at 3.0. This test was successful which created quite a nice flagpole, and has prompted ADA to consolidate in a normal flagging pattern. This flag pattern signals continuation, and based on a fib extension (3.16) and a target from a previous cup and handle pattern (3.24), the price is like to enter that range. The price is still well above its main trendline, and has found a nice support area due to the basing pattern that it has formed. Keep in mind however, the slope of ADA is flattening (along with BTC). This means the bullish momentum is leaving the asset and the crypto market is likely to pullback in the near future 1-2 months. Also, with the new higher highs and lower lows, an ascending triangle is starting to be created which will signal a pullback. Ascending triangles take a long time to form and the price is by no means quick to fall after the formation. It is just signaling to you, there will be a pullback. However, there is a lot of room to grow until then (and after). I am going to take a little profit at this next target, and go from there. I will continue to keep an eye on the movements and patterns I see along the way.
Now for some good news. As a person who follows ADA closely, I know that the adoption of the platform will happen very quickly with the release of smart contracts on the 12th of September. In fact, I think it was built with such a great foundation, I might just do an entire post on the fundamentals of Cardano sometime in the future. Pretty soon, we will see NFTs being created, DeFi, applications being developed, and overall strong adoption of the ADA blockchain platform as a whole. If there will be any immediate reason for ADA to move higher, it will likely be news coming from the summit on the 25-26 of September. So I would keep an eye on their twitter accounts around that time.
Again, I apologize for having less time to post at the moment, but that will change in a couple weeks.
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.
Tell me what you think?
This is not financial advice. DYODD.
Now for some good news. As a person who follows ADA closely, I know that the adoption of the platform will happen very quickly with the release of smart contracts on the 12th of September. In fact, I think it was built with such a great foundation, I might just do an entire post on the fundamentals of Cardano sometime in the future. Pretty soon, we will see NFTs being created, DeFi, applications being developed, and overall strong adoption of the ADA blockchain platform as a whole. If there will be any immediate reason for ADA to move higher, it will likely be news coming from the summit on the 25-26 of September. So I would keep an eye on their twitter accounts around that time.
Again, I apologize for having less time to post at the moment, but that will change in a couple weeks.
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.
Tell me what you think?
This is not financial advice. DYODD.
Nota
Note: I accidently called the ascending wedge an ascending triangle. Sorry about that, it has been a long day. However, since I talked about it signaling a pullback, you probably knew what I meant.
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