The Cardano project has been a bit of a disappointment in many ways but has always held my attention simply because of the potential. It seems the team has a hard time projecting timelines and thus has suffered from traders not satisfied with progress. I’m not as worried about that as I get the feeling they are more focused on being right than on meeting timelines.
I first bought ADA when it was around $.02 USD and sold it near the top of the second cycle when the general market pulled back. Since then I’ve been keeping a close eye on it as it fell into this regression channel. Now I’m wondering if its time. Lots of news and progress recently and it appears we are ready for the bounce.
Comparing the weekly and daily charts we can see that we are breaching the regression channel with a good weekly close. MACD and RSI fast on weekly starting to bend up and looking strong on the daily. I’m watching this daily consolidation (flag) and started a new small size position. I will continue to add if the reversal takes hold. Looking for a daily close above the 1.20 with 1st price target around 1.60 (200 dma). If it clears 1.60 we could see 2 pretty quick but lots of resistance around that dvpoc around 2.15.
As with most crypto, how BTC and ETH go, so goes everything else but I truly think major adoption by the masses is close if not already there. Of course this is not financial advice and my personal trade, do your own research and don’t trade what you can’t afford to lose.
Peace!