ADAUSD Stagnant At Support

1 wrz 2021

So I am currently neutral on ADA at the moment. We are sitting at a point where ADA is showing bearish signals but there has not been a confirmation of a lower low yet. The price is sitting at a support which normally brings buying power from bulls, yet we see nothing. The problem is the lack of a higher high. Bulls do not feel comfortable buying at the highest support level with no confirmed higher high and because of this bears are starting to take control. However, this can always change, but there will need to be a signal to the bulls that brighter days are ahead. I believe a price move is right around the corner. Obviously, I have alerts set all over the place just in case I miss something and you should too. Personally, I think we are going to see a lower low soon. However, there is always the chance that news will come out and change the sentiment and give the bulls revitalized momentum. The important things to note from this chart are: there is less and less buying power at the support level, the price is riding the slumped 200MA, the price is trading sideways, we have lower highs, a price move is likely around the corner. If you want more details on why I feel this way, take a look at my breakdown of the 1D chart in my last post. Keep in mind this isn't the end of the world for ADA, pullbacks happen all the time and trends shift. This is completely normal for the price movement of any asset. To be quite honest, I look forward to new buying opportunities. I plan on holding ADA for at least 5 years so if I can add to my collection at a decent price, so be it. I should also mention that the crypto market as a whole does not look bad at all. I believe the bearish sentiment towards crypto has been weakening as time passes by, but I will get more into that at another time.

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.