ADA Cardano and A Spooky Market

24 de abr. de 2021

Stepping back to the 2H frame of reference, it looks like a minimized version of a Head & Shoulders or Triple Top that has developed. This has to be taken into context with other market factors that have been taking place, of course, but the net effect seems to be ADA losing altitude. Already we've seen it near $1.00, and it's not out of the realm of possibility for a revisit to around 71 cents. On the other hand, this has been one heck of an extended horizontal consolidation, just waiting for a catalyst (no pun intended) to send ADA vertical. Smart Contract capability would be one such factor. I believe in Fibonacci movement for this thing, and 3.00 then 5.00 I can see happening.

Along the volume axis, it's curious to note the volume spikes around the week of 22nd Feb, Mar and April. It'll be interesting to see what plays out come the week of the 22nd of May.