ADAUSD Price Decision Looms Overhead for KRAKEN:ADAUSD by imnotgoodatall

Important things to note:

Price decision coming soon

200MA was tested

Main Trendline was tested for a second time

price retreats to support again trying to consolidate

Ascending wedge broke to downside (did not create lower low)

The slope of ADA is flattening
BTC has failed to close above 51K for now

Important Dates to Take Note of:

BTC becomes legal tender in El Salvador Sep 7 2021

ADA Alonzo (smart contracts) go live Sep 12 2021

ADA Summit Sep 25-26 2021

So, ADA has tested the main trendline again, and like last time, it has moved itself up to its support area to further consolidate. Again, the best we can hope for in the short term is a run to 3.16-3.24 which represents a fib extension and a target from a previous cup and handle pattern. However, the price movement solely depends on the fact that BTC closes above 51K. If that can happen, there will likely be a small push forward because it will squeeze the shorts against it. BTC still looks like it can go in either direction. ADA however, is testing the main trendline which is never great. If you are bullish , you would like to see it test the 200MA every now and again, but a break from the main trendline will signal a pullback. Right now we are playing the waiting game and the game is likely to continue while there is less volume due to the weekend. Keep your eye on the main trendline. If I wanted to enter ADA and hadn’t already, I would wait to see if the trendline holds for the next few days. Anyways, I will continue to watch ADA and post my updates on what I see. Set your alerts for the crossing of the main trendline.

Now for some good news. As a person who follows ADA closely, I know that the adoption of the platform will happen very quickly with the release of smart contracts on the 12th of September. In fact, I think it was built with such a great foundation, I might just do an entire post on the fundamentals of Cardano sometime in the future. Pretty soon, we will see NFTs being created, DeFi, applications being developed, and overall strong adoption of the ADA blockchain platform as a whole. If there will be any immediate reason for ADA to move higher, it will likely be news coming from the summit on the 25-26 of September. So I would keep an eye on their twitter accounts around that time.

Again, I apologize for having less time to post at the moment, but that will change in a couple weeks.

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.

Tell me what you think?

This is not financial advice. DYODD.

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