ADA has broken out of the falling wedge pattern and the measured move target is the top of the wedge at $1.98... this aligns nicely with some EW analysis that has ADA headed towards $1.91 as well as eloquent's minor wave targets in the $1.65 range which you can find here in the comment section - he also provides a longer term 5th wave forecast which I recommend you check out:
The green line is the ultimate measured move target on my chart and the black lines are some strong resistances that ADA will have to take out along the way.
Recap of last daily candle close - we just had a dragonfly doji candle which is itself bullish. It closed red, but it shows bears are much weaker since it closed in the dragonfly doji position - bulls have power now with BTC attempting a target of $40+k .... with Elon Musk and SpaceX behind BTC and now Amazon on board... there is plenty of fundamentals to get us there.
ADA has a major update coming to its protocol w/in the next 2 months. This major update is a phased release of smart contracts which is already in testnet mode. ADA will have a fully functioning PoS blockchain that is
1) Fully Decentralized
2) Fully Secured
3) Fast
This is the holy grail of blockchain technology - nearly all projects only have 2 of the 3 and if they start out not decentralized they never become decentralized over time (EOS is an example).
Even though all eyes are on ETH for the London hard fork on Aug. 4th, the real attention should be on ADA as the London hard fork is a relatively minor upgrade and wont' see dramatic changes in ETH's protocol.
I am bullish on ETH due to the adoption which has given it additional time on the clock to complete its code. However, ADA will be fully functioning 1 year before ETH 2.0 really gets fully implemented meaning a lot of attention is about to shift to ADA over the next 60 days. This is one of the best under the radar buys atm imo.
The green line is the ultimate measured move target on my chart and the black lines are some strong resistances that ADA will have to take out along the way.
Recap of last daily candle close - we just had a dragonfly doji candle which is itself bullish. It closed red, but it shows bears are much weaker since it closed in the dragonfly doji position - bulls have power now with BTC attempting a target of $40+k .... with Elon Musk and SpaceX behind BTC and now Amazon on board... there is plenty of fundamentals to get us there.
ADA has a major update coming to its protocol w/in the next 2 months. This major update is a phased release of smart contracts which is already in testnet mode. ADA will have a fully functioning PoS blockchain that is
1) Fully Decentralized
2) Fully Secured
3) Fast
This is the holy grail of blockchain technology - nearly all projects only have 2 of the 3 and if they start out not decentralized they never become decentralized over time (EOS is an example).
Even though all eyes are on ETH for the London hard fork on Aug. 4th, the real attention should be on ADA as the London hard fork is a relatively minor upgrade and wont' see dramatic changes in ETH's protocol.
I am bullish on ETH due to the adoption which has given it additional time on the clock to complete its code. However, ADA will be fully functioning 1 year before ETH 2.0 really gets fully implemented meaning a lot of attention is about to shift to ADA over the next 60 days. This is one of the best under the radar buys atm imo.
Note
Note... as a reminder a falling wedge is actually a BULLISH reversal pattern when found in a selloff... the other pattern many traders get this one confused with is a descending triangle. The difference b/w a falling wedge and a descending triangle is that a falling wedge has a negative slope and a descending triangle has a flat bottom! Very important to distinguish this.
Note
FB Diem moved quickly from Switzerland to US b/c the Facebook legal team has regulatory clarity and I think they are working with Fed and Treasury regarding stablecoins - the main product of Diem. This is why Yellen is working so quickly to get something out by end of July imhoNote
And NONE of the Diem stuff which is already written on the wall is priced into the current markets.... $60B of tether awaits :)Note
Forgot to mention - ADA has probably the most intellectual capital deployed of any crypto protocol in existence as it is consistently ranked #1 by developer activity... this will reap massive rewards eventually as this Intellectual Capital gets realized by market acceptance and adoption. Investing in IC always has a much higher return on capital deployed than other endeavors and is the reason why ADA is ahead in the race to have all 3 components of the crypto holy grail and it will have it before ETH rolls out their 2.0 update which is still a year away!Market is sleeping on ADA and is presenting a great opportunity to buy low here before higher highs
Note
Morningstar strategist forecasts Cardano to become mainstream crypto-She has a CFA so I would pay attention to what she is saying... she isn't some rando - she is having real conversations with institutions daily and would have the best insight
finbold.com/morningstar-strategist-forecasts-cardano-to-become-mainstream-crypto/
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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.