ADA Fills Volume Gap Buyers Unsure

ADA bounced off of the 200MA but the buying was just not there, and it dipped below the 200MA. That tells us buyers are unsure at the moment. Therefore, the strongest support area above 2.18 was tested, which is 2.5. This held for the moment. Set an alert at 2.48, if the price falls below this, it is heading to 2.2. These next few hours will tell us a lot. Buyers seem to be satisfied with the price at 2.5 right now. However, this could obviously change at any moment. The price is filling the way you would like it to. In the weakest areas, it looks like steps, this means the price is filling and pushing up little by little. Once it is filled, it will make an attempt to push upwards and that is when another new high peak will be the most important. This will tell us if the trend has changed or not. I expect the price to consolidate in this zone for a few days. Again, keep an eye on 2.48.

Now lets talk about why ADA has so much strength. Cardano is about to release smart contract September 12 with the Alonzo release. This addition makes it a viable competitor to ETH as an open source platform. Right now, it is just a glorified ledger. As a person who plans to be a Cadano Developer once Alonzo is released, it makes me wonder how far ADA can go. I have heard people say it cannot go to 100 dollars because it will need around a 3T market cap. But considering in the past 2 weeks ADA has added 31B to its market cap, it's definitely not out of the realm of possibility. Also, considering Grayscale Investments has picked it up, I think it has a LOT more room to grow.

Tell me what you think?

This is not financial advice. DYODD.

Kommentera:

I should note that most signals still show show bullish momentum for ADA. So, like I said before, there is no indication of a trend change at the moment. We are just being careful. I still believe we have 4-5 days of consolidation ahead (hopefully) and a move upward.

Major Target of 3.24