CardanoLong
Symmetrical Triangle on the Daily chart
Hi everyone! Been a while since I posted but here's my Idea for the upcoming weeks.
Things to note:
- Bitcoin and Ethereum have broken out after forming a cup and handle pattern.
- Mastercard has announced it will soon support crypto payments.
- Bitcoin ETF has launched.
- Crypto Fear and Greed index is now at Greed with a rating of 72 as of 10/25/2021 from being borderline Extreme Fear on September.
Looking at the daily chart we can see a symmetrical triangle has formed, I can say for certainty that buyers must be antsy looking at other projects rising while ADA is now back in the stage where it doesn't really do much and just sits sideways. Against popular belief, I think this is very healthy for the continuation of a price movement to the upside as we are forming a very strong support for the next leg up. I would like for everyone to sit back and look at how far ADA has gone from the start of the year to now given the fact it has made a truly remarkable move from being at $0.34 and reaching an all time high of approximately $3.09, that is 900% move.
Think about that for a second.
Now that you've thought about it, how can we continue the price movement to the upside?
In my honest opinion, we need some time to cool off, build new support and THEN make another move. As of right now ADA is sitting at a steady range between $2.00 and $2.30. Current support is sitting at $2.03 with final support in case of a heavy move to the downside of $1.89. Looking at the Fibonacci we can see resistance being met between the 0.618 level and $2.30. Given the current status of Bitcoin and Ethereum, I am bullish on ADA for the long term. My current prediction for a possible move is looking somewhere between the November 10 - 15 mark as that is where the symmetrical triangle that has formed will be finished, it is still too early to determine which way this move could go as we have no clear indication on the RSI or MACD. I have however placed a speculation on where the price could go if we were to make a move to the upside. Given the past move of 110% that ADA made from the short 3 month bear market that we recently had, I am speculating that if this move were to repeat from the current prices we could be looking at a price target of $4.50 and possibly even $5.00 if we get enough buying pressure in the short term.
If you are looking for an entry point I would personally say now is the time to accumulate, there is strong evidence showing support being built around the $1.89 to $2.00 price mark and given the current bull market we have just entered I would not be surprised if once ADA starts to make a move to the upside that we will not see these prices again. Take this with a grain of salt, this is not financial advice.
And thus my analysis on ADA ends, I appreciate any suggestions anyone may have and I look forward to see what comments are written!
Thank you for your time and good luck on the market!
Things to note:
- Bitcoin and Ethereum have broken out after forming a cup and handle pattern.
- Mastercard has announced it will soon support crypto payments.
- Bitcoin ETF has launched.
- Crypto Fear and Greed index is now at Greed with a rating of 72 as of 10/25/2021 from being borderline Extreme Fear on September.
Looking at the daily chart we can see a symmetrical triangle has formed, I can say for certainty that buyers must be antsy looking at other projects rising while ADA is now back in the stage where it doesn't really do much and just sits sideways. Against popular belief, I think this is very healthy for the continuation of a price movement to the upside as we are forming a very strong support for the next leg up. I would like for everyone to sit back and look at how far ADA has gone from the start of the year to now given the fact it has made a truly remarkable move from being at $0.34 and reaching an all time high of approximately $3.09, that is 900% move.
Think about that for a second.
Now that you've thought about it, how can we continue the price movement to the upside?
In my honest opinion, we need some time to cool off, build new support and THEN make another move. As of right now ADA is sitting at a steady range between $2.00 and $2.30. Current support is sitting at $2.03 with final support in case of a heavy move to the downside of $1.89. Looking at the Fibonacci we can see resistance being met between the 0.618 level and $2.30. Given the current status of Bitcoin and Ethereum, I am bullish on ADA for the long term. My current prediction for a possible move is looking somewhere between the November 10 - 15 mark as that is where the symmetrical triangle that has formed will be finished, it is still too early to determine which way this move could go as we have no clear indication on the RSI or MACD. I have however placed a speculation on where the price could go if we were to make a move to the upside. Given the past move of 110% that ADA made from the short 3 month bear market that we recently had, I am speculating that if this move were to repeat from the current prices we could be looking at a price target of $4.50 and possibly even $5.00 if we get enough buying pressure in the short term.
If you are looking for an entry point I would personally say now is the time to accumulate, there is strong evidence showing support being built around the $1.89 to $2.00 price mark and given the current bull market we have just entered I would not be surprised if once ADA starts to make a move to the upside that we will not see these prices again. Take this with a grain of salt, this is not financial advice.
And thus my analysis on ADA ends, I appreciate any suggestions anyone may have and I look forward to see what comments are written!
Thank you for your time and good luck on the market!
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