ADAUSD Bull Flag Consolidation

ADA has pulled back and went into a consolidation pattern as expected. It has formed yet another bull flag prior to another attempt at a breakout. My overall target for ADA is 3.25, and this is based on the last cup and handle pattern.

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.

Feel free to like this chart and follow me. All the support is welcomed. Thanks again! GLHF.

Kommentera:

I should also mention that the large 3 year cup and handle pattern has completed at 2.6. Again this was found by taking the difference in the range of the cup and adding it to the top of the cup. So, 1.3 + 1.32 = 2.62

This is the same reasoning behind my next target of 3.25. Hope this helps explain the math, but that is how you calculate a price target from a cup and handle.

Kommentera:

yet another smaller cup and pattern just completed, with a minor target of 2.75.