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ADAUSD Gears Up for ATH Test for KRAKEN:ADAUSD by imnotgoodatall

Due to it being the start of the week, ADA’s volume has returned, and with it, brought the possibility of a price movement. Like I said before, we got a retest of the 200MA which is often accompanied by a nice little bounce. I figured this, along with the volume , would create the momentum it needs for a ATH test. We are getting to the end of our ascending triangle and a price movement is going to happen. That is all that is going on at the moment. I took a look at the weekly and the daily and there wasn’t a change in patterning from what I have already seen. We have an uptrend at the moment. The next all time high test will likely determine whether the trend continues or reverses. If ADA can conquer the all time high, this will put much needed energy back in ADA and I will hopefully see my 3.24 target reached sooner than later. If ADA cannot defeat the current all time high, that would be devastating and could signal a trend reversal with prices falling though our support zones. However, with all of the volume in the market we have today and all of the volume it has built at the top, especially the 2.83 level, ADA has everything it needs for a test. Lets see what happens.

I am going to make a video soon teaching everyone my approach to charting. I will cover the entire workflow process I go through. I hope you enjoy it.

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.

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