The consolidation phase...for now.. #ADA
Many will say the crypto bull market is over, "there is no way the price can recover after a 60% dip.", I say let those believe what they want to believe. The reason I say this is because those who have the mindset that the market is doomed and has no way of continuing to the bulls, are people who have not done enough research to understand market fluctuations and the overall volatility of the crypto market specifically.
Therefore it is very important to to do your own due diligence and not base your trading decisions on the idea of others and especially not the mainstream media and news platforms, as their goal is not to make you money but rather do the opposite of what they are doing. Some say it is a good idea to always do the opposite of what the mainstream tells you to do, I personally feel this is quite excessive as your decisions should not be formulated from only one source but rather many, therefore this statement is a bit dramatic, but in a broad sense is very valid.
In my opinion the situation we find our self is not a bear market, but rather the over extension of previous market movement for the current time the price was in. To elaborate on this statement what I mean is that every asset, stock, bond has a true value for its current stance in time, which is based on the advancement of that specific asset. Therefore I can say with confidence that the current consolidation area the price is in is Cardano's current true value and I don't mean it will stay here forever and definitely feel that ADA has the capability to go to the triple digits, but for now this is where we are and we are all so deceived by the massive over extension that lays behind us that is clouds our judgement of the future price. The crypto market especially ADA is in its early stages of adoption and is not close to reaching its full potential.
In the following lines I shall give my opinion from a technical sense of the current market:
We have fallen to as low as $1 dollar which is a key level of support and has been that way since the early stages of the bull market. This factor alone can be seen as a very bullish signal which in return has resulted in just that as we have seen a massive daily candle rise from the fall down to these levels. This green candle is further emphasized as it has greatly engulfed the previous red candle, which is seen as a bullish signal or at least a bullish hint among further technical indication and confluence. There is a strong argument that the next few days will be filled with bullish movement within the consolidation area heading for the strong resistance level set at $1.49 - $1.56, once this movement occurs it is possible the price can further break out of the area as there is clearly a double bottom formation which has used the $1 level of support as the base of its reversal, The fact that this level is used as the base increases the likely hood of this formation playing out as it is stronger. If this formation plays out correctly we could first see a slight retracement in order to complete the formation before the price moves to the predicted level of $1.94.
In conclusion I would like to state that all my writing is pure speculation and is based off my own limited research and knowledge of markets. Nothing I write should be registered as fact but rather a opinion above your own. I wish all who read this article a strong mental wellbeing during this time of supposed dread as prices are so long, and I advise those who are in dread to see this as one of the greatest accumulation phases yet.
Thank you if you have read up until this point and if so please leave a like and comment your opinion on the current market and where you think it is going based on your own due diligence.
#ADA #TRADINGVIEW #THEFUTURE #NOTFINANCIALADVICE #TECHNICALS #SMARTCONTRACTS
Therefore it is very important to to do your own due diligence and not base your trading decisions on the idea of others and especially not the mainstream media and news platforms, as their goal is not to make you money but rather do the opposite of what they are doing. Some say it is a good idea to always do the opposite of what the mainstream tells you to do, I personally feel this is quite excessive as your decisions should not be formulated from only one source but rather many, therefore this statement is a bit dramatic, but in a broad sense is very valid.
In my opinion the situation we find our self is not a bear market, but rather the over extension of previous market movement for the current time the price was in. To elaborate on this statement what I mean is that every asset, stock, bond has a true value for its current stance in time, which is based on the advancement of that specific asset. Therefore I can say with confidence that the current consolidation area the price is in is Cardano's current true value and I don't mean it will stay here forever and definitely feel that ADA has the capability to go to the triple digits, but for now this is where we are and we are all so deceived by the massive over extension that lays behind us that is clouds our judgement of the future price. The crypto market especially ADA is in its early stages of adoption and is not close to reaching its full potential.
In the following lines I shall give my opinion from a technical sense of the current market:
We have fallen to as low as $1 dollar which is a key level of support and has been that way since the early stages of the bull market. This factor alone can be seen as a very bullish signal which in return has resulted in just that as we have seen a massive daily candle rise from the fall down to these levels. This green candle is further emphasized as it has greatly engulfed the previous red candle, which is seen as a bullish signal or at least a bullish hint among further technical indication and confluence. There is a strong argument that the next few days will be filled with bullish movement within the consolidation area heading for the strong resistance level set at $1.49 - $1.56, once this movement occurs it is possible the price can further break out of the area as there is clearly a double bottom formation which has used the $1 level of support as the base of its reversal, The fact that this level is used as the base increases the likely hood of this formation playing out as it is stronger. If this formation plays out correctly we could first see a slight retracement in order to complete the formation before the price moves to the predicted level of $1.94.
In conclusion I would like to state that all my writing is pure speculation and is based off my own limited research and knowledge of markets. Nothing I write should be registered as fact but rather a opinion above your own. I wish all who read this article a strong mental wellbeing during this time of supposed dread as prices are so long, and I advise those who are in dread to see this as one of the greatest accumulation phases yet.
Thank you if you have read up until this point and if so please leave a like and comment your opinion on the current market and where you think it is going based on your own due diligence.
#ADA #TRADINGVIEW #THEFUTURE #NOTFINANCIALADVICE #TECHNICALS #SMARTCONTRACTS
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.