Hello friends, today you can review the technical analysis idea on a 1D linear scale chart for Cardano (ADAUSD).
The chart is self-explanatory. The price is at the apex of the triangle, so a move is coming. There is bullish divergence in sight with support lines intact for the RSI, Stoch RSI and MFI. The price is also in a descending wedge (generally bullish). The one concern is the triangle formed after a big drop presenting a Bearish Pennant. Focus on the breakout direction and possible re-test to give indication of which direction the price will move. Lastly, Volume over the past few days has picked up which falls in line with the bounce on the MFI.
Included in the chart: Trend line, Support and Resistance Lines, RSI, MFI, Stochastic RSI, Bearish Pennant, Descending Wedge, Bullish Divergence, Ichimoku Cloud, Volume, Simple Moving Average .
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
I have a bunch of additional recent charts below on cryptocurrencies to review. Check them out!
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
Interesting chart. I forecast prices along those lines. And at those prices crypto starts to be juicy again. People are squeezing out the orange and will do so until no juice is left. The Crypto sponge needs to be pushed until its completely dry then it can suck up fresh juice. This is what I am waiting for.
The MFI is normally a decent crypto indicator. However, in this case, it captures a wide swath of people who think, 'Ada definitely won't drop any farther!'. What are insiders doing right now? Selling! Macro environment isn't great. Interest rates are rising. Tech stock prices are in decline. ADA will drop below $1.00 and could touch the $0.30-.40 range.
MillionaireEconomics
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@WildBill2535, I appreciate your feedback. My downside case in the chart is in the $0.40 range. Let's see.
ppip
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Short it! I dare You! ada hasn't had a daily close under a dollar in a year! The worm has turned. If you like loosing money......Short IT!
MillionaireEconomics
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@ppip, lol, nice opinion, please focus on the charts.