ADA/USDT Consolidation before the launch of smart contracts?

31 ก.ค. 2021

Cardano consolidates into a narrow range since the April crash occurred.
Smart contracts with the launch of the Goguen era are set for September.
Together with this we expect Cardano to outperform the crypto market massively.
However, it's still a long way to go and it seems possible we see a short term downwards correction before we go for higher price targets.

Daily chart on the left hand side:
- The volume decreases since the April crash.
- We see a strong resistance around 1.45$
- We see a strong rising support line currently around 1.1$
- The RSI did bounce at the 30 line but still is within a downtrend. Here we look for a higher low before we talk about a trend reversal.

4h chart on the right hand side:
- We potentially look at an upcoming golden cross for the 50 and 200MA.


We expect further consolidation due to the fact that it still takes some time for Goguen to be implemented.


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.
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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.
Boxes:
- Either entry zone or support zone. Check the description.