ADA/USDT Downtrend breakout for Price, RSI. Cardano will bloom!
Intro:
- Cardano is one of Ethereum's main competitor and addresses some major issues that pains Ethereum like scalability and gas fees.
- Finally smart contracts are running on the Cardano chain and the ecosystem can start to bloom.
- SEC confirmed that crypto will not be banned and especially Bitcoin and Ethereum will not be banned.
Daily chart:
- Price shows a breakout above the yellow resistance line. Now we struggle at the 2.3$ resistance line and possibly form a wedge indicated by the purple lines.
- Overall Volume is on a steady decline since June. However the last couple of days volume gains momentum. Once we break the next resistance volume could blow up again.
- RSI analysis shows a downtrend breakout as well and the RSI creeps back up.
- Fibonacci levels show that ADA recovered between the 0.5 and 0.6 lines and now attacks the 0.38 line.
- Support lines are at 1.9$, (1.2$) and 0.7$. The ascending purple line can act as support as well.
- Resistance lines are at 2.3$ and 3$.
Expectation:
- We expect a further price appreciation during the next three months and a solid recovery during October. Cardano was a main topic before the upgrade and now it's gone quiet. This most likely is the silence before the storm since the ecosystem is growing at a rapid pace.
- Looking forwards into October where we might see an ETF approval for Bitcoin . This would be in favor for the whole market.
- We maybe fight some days for the 2.3$ level to flip into support. After that 3$ could be hit pretty soon and after that the true FOMO starts. You want to be in beforehand.^^
- End of the year prediction: We will see a 8$+ Cardano before the end of 2021.
Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Specials:
- Boxes represent either entry zone or support zone . Check the description.
- Cameras represent MA crossings. Yellow camera stands for a golden cross while the cyan camera stands for a death cross.
- Cardano is one of Ethereum's main competitor and addresses some major issues that pains Ethereum like scalability and gas fees.
- Finally smart contracts are running on the Cardano chain and the ecosystem can start to bloom.
- SEC confirmed that crypto will not be banned and especially Bitcoin and Ethereum will not be banned.
Daily chart:
- Price shows a breakout above the yellow resistance line. Now we struggle at the 2.3$ resistance line and possibly form a wedge indicated by the purple lines.
- Overall Volume is on a steady decline since June. However the last couple of days volume gains momentum. Once we break the next resistance volume could blow up again.
- RSI analysis shows a downtrend breakout as well and the RSI creeps back up.
- Fibonacci levels show that ADA recovered between the 0.5 and 0.6 lines and now attacks the 0.38 line.
- Support lines are at 1.9$, (1.2$) and 0.7$. The ascending purple line can act as support as well.
- Resistance lines are at 2.3$ and 3$.
Expectation:
- We expect a further price appreciation during the next three months and a solid recovery during October. Cardano was a main topic before the upgrade and now it's gone quiet. This most likely is the silence before the storm since the ecosystem is growing at a rapid pace.
- Looking forwards into October where we might see an ETF approval for Bitcoin . This would be in favor for the whole market.
- We maybe fight some days for the 2.3$ level to flip into support. After that 3$ could be hit pretty soon and after that the true FOMO starts. You want to be in beforehand.^^
- End of the year prediction: We will see a 8$+ Cardano before the end of 2021.
Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Specials:
- Boxes represent either entry zone or support zone . Check the description.
- Cameras represent MA crossings. Yellow camera stands for a golden cross while the cyan camera stands for a death cross.
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