After doubling its price last February 2021, Cardano is jacking its way up to overtake other Crypto and sits over to the top 3 spots in the crypto market (today). After reaching its first all-time-high at the price of 2.44 on the 16th day of May, for some reason it pullbacks down on the following and created a 3 wave fall back and up form with the same support at 0.99 to 1USD until 20th of July. after a full break at 1USD, it gives a whole 2 weeks of green light before it skyrocketed its way to 2.88 on August 26. (Based on Chart from Tradingview ADA/USDT pair) for a more detailed chart Link.
What is Cardano
Cardano
Cardano is a ground-breaking proof-of-stake blockchain network based on a decentralized application known as a (DApp). It’s based for the development to one of the multi-asset ledgers and proven smart contracts. Cardano aspires to provide the scalability, coherence, and sustainability necessary for real-world applications by relying on the rigor of high-security formal development techniques. Cardano is designed to be the platform of choice for large-scale, mission-critical DApps that will support the economy in the future.
Technical Analysis
On CNBC Make it, A self-made Millionaire Glauber Contessoto, who invests all his savings in Dogecoin, revealed that he would go for Cardano to put all his savings in, according to his statement during an interview, which is happened to be on its all time high at 2.88 USD. Could this be a trap, or could this be just beginning?
Some Crypto Traders sees a good technical basis, according to Yahoo Finance, by Dr. Arnout Ter Schure, ADA price will be going be having a correction after its all-time high, as based on EWP guidelines, there will be a buying opportunity if 3rd support touches again in line correlated at 2.4 to 2.5, as long as it will not go further to 1.8USD.
My own simple Opinion
From what I read on Dr. Arnount Analysis and understand, there are always 2 possible ways, once it touches near 2.4USD. Based on Tradingview Chart today, ADA shows halfway to touching 2.4 and can be expected to touch this week to form an Inverted “U” which are commonly seen on the Japanese candle charts. Whereas, there is a possibility to b making move on both ways, a DIP bearish momentum after reaching its halfway to touch 2.4USD, or the gradual bull if it is resisting to cross below 2.4USD, where Dr. Arnounts extends its bearish signal to 1.8USD according to guidelines he follows in Elliot Wave. –02-09-2021
Bottomline: I am not a trading or analysis Expert. Please do your own research as well to provide your own believes on cryptomarket. taking any action after reading my posts is highly not recommended.