ERG/USDT Strong bounce of support band. Can we go back to 18$?
Intro:
- ERGO is an Oracle that will be used for the Cardano blockchain.
- ERGO worked together with Charles from Cardano and they talk highly from each other which is a good thing if you believe in ADA and it's approach.
- SEC confirmed that crypto will not be banned and especially Bitcoin and Ethereum will not be banned.
- In circulation we have 45million coins out of currently 100million possible. It seems unknown what is the max amount possible. It is therefore a risk factor for inflation that could lead to a price drop. Just keep that in mind.
- Total market cap is currently around 500 million which seems too low.
Daily chart:
- Price finally found support at the last drawn support line around 8$. From there we see a strong bounce which confirms that these prices were oversold.
- Volume increases but has still a lot of room to grow.
- RSI analysis shows that we found support around the 30 line where below we would be officially within the oversold region. After the strong bounce it is likely to see some sort of consolidation before we move towards the 80 line.
- Support lines are at 10.5$ and 8$.
- Resistance lines are at 12.5 and 19$.
Expectation:
- We expect ERG to recover together with ADA since ADA will be the driving force.
- We possibly retest the 10.5$ line which could act as support and help ERG moving higher. This could lead to another bullish rally together with the whole Cardano ecosystem.
- End of the year prediction: We will see a 50$+ Ergo before the end of 2021.
Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Specials:
- Boxes represent either entry zone or support zone . Check the description.
- Cameras represent MA crossings. Yellow camera stands for a golden cross while the cyan camera stands for a death cross.
- ERGO is an Oracle that will be used for the Cardano blockchain.
- ERGO worked together with Charles from Cardano and they talk highly from each other which is a good thing if you believe in ADA and it's approach.
- SEC confirmed that crypto will not be banned and especially Bitcoin and Ethereum will not be banned.
- In circulation we have 45million coins out of currently 100million possible. It seems unknown what is the max amount possible. It is therefore a risk factor for inflation that could lead to a price drop. Just keep that in mind.
- Total market cap is currently around 500 million which seems too low.
Daily chart:
- Price finally found support at the last drawn support line around 8$. From there we see a strong bounce which confirms that these prices were oversold.
- Volume increases but has still a lot of room to grow.
- RSI analysis shows that we found support around the 30 line where below we would be officially within the oversold region. After the strong bounce it is likely to see some sort of consolidation before we move towards the 80 line.
- Support lines are at 10.5$ and 8$.
- Resistance lines are at 12.5 and 19$.
Expectation:
- We expect ERG to recover together with ADA since ADA will be the driving force.
- We possibly retest the 10.5$ line which could act as support and help ERG moving higher. This could lead to another bullish rally together with the whole Cardano ecosystem.
- End of the year prediction: We will see a 50$+ Ergo before the end of 2021.
Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Specials:
- Boxes represent either entry zone or support zone . Check the description.
- Cameras represent MA crossings. Yellow camera stands for a golden cross while the cyan camera stands for a death cross.
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