ADAUSD Starts Consolidation Yet Again
If you take a look at the chart you can see the consolidation area. This consolidation range was calculated by taking 30%-60% of the push range, which is the correct retracement for an upward trend. I am hoping for a longer consolidation period this time so we are able to run up to 3.00 in one fell swoop. The next minor price target is 3.00 because of its psychological importance. The next major price target is 3.25 and was calculated by using the cup and handle pattern that started May 18th (see my older posts for explanation).
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.
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.
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