ADA - what a stupid bloody name, baby name. Baby growing up 200%
ADA, well well well. huge coin that had massive hype towards the start of the year. The general concensus is that this coin is great, has amazing developers and a very very very well thought out and jam packed roadmap. Lots of positive vibes around the coin, but also do take in mind that they don't really have a lot to offer right now other than a mainnet and wallet. They are trying to compete with ethereum as a platform for smart contracts and dApps, in a market that is already filled with competition, there's no guarantees that this coin will succeed, however the roadmap on cardano looks very promising.
Short term - neutral to bearish. Bitcoin looks like its not finished with correcting yet, cryptocurrencies have largely fallen off the normie radar and are taking a break (quick search on google trend trends.google.com/trends/explore?q=/m/0vpj4_b,bitcoin) shows that normie interesting is starting to cool off, in preparation for the next bullrun.
long term - bullish
Buy zone: 2 zones - 0.618 fib retracement: 0.00003690 - 0.00004190
- 0.718 fib retracement: 0.00002286 - 0.00002748
Sell zone: Only 2 in mind. I like mid term targets and dont worry about short term goals.
1) 0.00012000 - 0.00012500
2) 0.00017000 - 0.00017500
Me? I'm going to hold onto this for many years to come :)
Fundamentals: ADA just has regular roadmap updates, They don't really offer timeframes as to when they complete stages in their development, but the closest one thus far looks to be the Ouroboros Staking protocol, which would allow ada holders to stake their coins. This would be massive progress for the coin in general and would serve to be a reasonable catalyst to catapult this coin up to the 1st target for 200% profits.
Technicals: ADA has just completed its 1st 5 waves up of a supercycle up and is in a corrective phase right now. Currently riding between the 0.618 to 0.5 retracement levels right now. ADA looks to be forming a 5-3-5 zig zag corrective pattern and in the C wave thereis almost alway 5 subwaves within that. Something i notice about cryptocurrencies is that they do like their extended 5th waves which leads to me to believe that ADA may not be finished correcting yet and may see the 0.718 retracement region which is why I've provided 2 buy zones.
RSI on the daily is approaching the bearish zone of 30 and MACD looks to be curling up ever so slightly. This shows the that ADA is close to finishing its correction but that's definitely not to say that its out of the woods, because it most definitely isn't, there is still room to correct, but the room to correct is running out of space as we speak.
Using a conservative Fib Extension we target a little more than a 1-1 extension for the 1st target, because Elliot wave theory states that the 3rd wave is often the longest but never the shortest and 2nd target is derived from the final elliot wave targeting just a little above the 1.618 region on fib extension.
I'm still learning TA, any advice on improving my analysis would be GREATLY appreciated. I welcome any criticisms and feedback.
So go ahead and grill me :)
Short term - neutral to bearish. Bitcoin looks like its not finished with correcting yet, cryptocurrencies have largely fallen off the normie radar and are taking a break (quick search on google trend trends.google.com/trends/explore?q=/m/0vpj4_b,bitcoin) shows that normie interesting is starting to cool off, in preparation for the next bullrun.
long term - bullish
Buy zone: 2 zones - 0.618 fib retracement: 0.00003690 - 0.00004190
- 0.718 fib retracement: 0.00002286 - 0.00002748
Sell zone: Only 2 in mind. I like mid term targets and dont worry about short term goals.
1) 0.00012000 - 0.00012500
2) 0.00017000 - 0.00017500
Me? I'm going to hold onto this for many years to come :)
Fundamentals: ADA just has regular roadmap updates, They don't really offer timeframes as to when they complete stages in their development, but the closest one thus far looks to be the Ouroboros Staking protocol, which would allow ada holders to stake their coins. This would be massive progress for the coin in general and would serve to be a reasonable catalyst to catapult this coin up to the 1st target for 200% profits.
Technicals: ADA has just completed its 1st 5 waves up of a supercycle up and is in a corrective phase right now. Currently riding between the 0.618 to 0.5 retracement levels right now. ADA looks to be forming a 5-3-5 zig zag corrective pattern and in the C wave thereis almost alway 5 subwaves within that. Something i notice about cryptocurrencies is that they do like their extended 5th waves which leads to me to believe that ADA may not be finished correcting yet and may see the 0.718 retracement region which is why I've provided 2 buy zones.
RSI on the daily is approaching the bearish zone of 30 and MACD looks to be curling up ever so slightly. This shows the that ADA is close to finishing its correction but that's definitely not to say that its out of the woods, because it most definitely isn't, there is still room to correct, but the room to correct is running out of space as we speak.
Using a conservative Fib Extension we target a little more than a 1-1 extension for the 1st target, because Elliot wave theory states that the 3rd wave is often the longest but never the shortest and 2nd target is derived from the final elliot wave targeting just a little above the 1.618 region on fib extension.
I'm still learning TA, any advice on improving my analysis would be GREATLY appreciated. I welcome any criticisms and feedback.
So go ahead and grill me :)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.