ADA Bull Flag ready to break
After Cardano's latest highs, and most recent pull back, it appears to me as if ADA is ready to begin a retest of its all time highs. There has been some recent developments for cardano, including the release of smart contracts, new development of dapps, and the holding of the cardano summit (last weekend). This gave the crypto community new information to digest and mull over while China's continued announcements on crypto bans have begun to wear off as many saw this coming months ago.
Inflation has continued to rise and doesn't look to be stopping soon, per central bank head Jerome Powell, as supply chains haven't reestablished themselves yet and jobs have been reluctant to return resulting in the continuation of an over liquid environment. Many are now doubting the 'transitional nature' of inflation these officials have continued to preach as it is often difficult to lower prices for many consumer goods after they have an established rise. I believe it may be the correct move to be short the dollar while inflation continues and the US congress continues to entertain the idea of government default.. to the dismay of many. I feel being long crypto implies being short the dollar, albeit in an indirect manner.
Technically, ADA has held an important support at $2, has bullish divergence appearing on the RSI, and is receiving a buy signal on the MACD. If it is able to break the bull flag trend line then ADA could be headed up. I have alerts ready to add a position and a stop loss that will be set just under the recent low of $1.90. I am looking for ADA to retake its original channel range. Good luck to all.
Inflation has continued to rise and doesn't look to be stopping soon, per central bank head Jerome Powell, as supply chains haven't reestablished themselves yet and jobs have been reluctant to return resulting in the continuation of an over liquid environment. Many are now doubting the 'transitional nature' of inflation these officials have continued to preach as it is often difficult to lower prices for many consumer goods after they have an established rise. I believe it may be the correct move to be short the dollar while inflation continues and the US congress continues to entertain the idea of government default.. to the dismay of many. I feel being long crypto implies being short the dollar, albeit in an indirect manner.
Technically, ADA has held an important support at $2, has bullish divergence appearing on the RSI, and is receiving a buy signal on the MACD. If it is able to break the bull flag trend line then ADA could be headed up. I have alerts ready to add a position and a stop loss that will be set just under the recent low of $1.90. I am looking for ADA to retake its original channel range. Good luck to all.
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