ADA/USD Bottomed Out Along the $1.34 Support
Aggiornato
Cardano has been in the news a lot recently, garnering support from prominent investors across the board, with big institutions like Grayscale Digital Assets buying a decent amount of the supply; all patiently waiting for the smart contract upgrade / update.
Around ~70% of the network is currently being staked making passive income, which is a higher % than Ethereum.
Looking at the chart of ADA technically, we see that the absolute bottom was a bounce off the 3.618 Fib level at $1.09 without a daily candle close below.
The bulls would not let the price of ADA dip below $1 and reversed it back upwards to the current Spot trading price we see right now at $1.38.
ADA has regained the 4.236 level as support on this recent move upwards as well as regained access inside this ascending triangle it broke out of before when it hit a local high of around $2.30.
From here, i'm expecting ADA already to have priced in its bottom and continue moving back upwards with the rest of the market -- BTC, ETH as the key markers of price sentiment.
ADA in the coming weeks should turn the $1.48 level of resistance into support and continue climbing upwards towards new local highs when the smart contract upgrade releases.
The main two targets i'm looking for are $1.85 & $2.30. These are key levels that haven't been touched since making the local high back in the middle of May.
As always please do your own research, I am not a financial advisor.
Around ~70% of the network is currently being staked making passive income, which is a higher % than Ethereum.
Looking at the chart of ADA technically, we see that the absolute bottom was a bounce off the 3.618 Fib level at $1.09 without a daily candle close below.
The bulls would not let the price of ADA dip below $1 and reversed it back upwards to the current Spot trading price we see right now at $1.38.
ADA has regained the 4.236 level as support on this recent move upwards as well as regained access inside this ascending triangle it broke out of before when it hit a local high of around $2.30.
From here, i'm expecting ADA already to have priced in its bottom and continue moving back upwards with the rest of the market -- BTC, ETH as the key markers of price sentiment.
ADA in the coming weeks should turn the $1.48 level of resistance into support and continue climbing upwards towards new local highs when the smart contract upgrade releases.
The main two targets i'm looking for are $1.85 & $2.30. These are key levels that haven't been touched since making the local high back in the middle of May.
As always please do your own research, I am not a financial advisor.
Trade attivo
Quick update on ADA, zooming into the 2-hour time frame, we hit the $1.85 level with ease and are now quickly approaching the $2.30 level. I'm expecting a little bit of a pullback going into weekly close to print the bottom wick, and then from there ADA should continue upwards to September 12th when smart contracts are released. There will be a push running up to the event just like what happened with Ethereum and ADA should touch $2.30 again.
Thank you
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