Hello friends, today you can review the technical analysis on the 1D linear scale chart for Cardano ( ADAUSD ), a cryptocurrency altcoin.
#CryptoPickk noted in the chart:
1) Cardano price has been falling since early September when it hit the top of the trendline and now retraced to the bottom trendline. 2) The last time the price had a parabolic rise from the bottom trendline, it took 45 days to get there. Assuming this, the price would reach the top of the trendline again on January 7, 2022. The price has the potential to rise by 131% from current price levels. 3) The Stochastic RSI ( Stoch RSI ) looks like it is forming a double bottom before moving up. CryptoPickk outlined this by the red oval. 4) The RSI ( relative strength index ) looks ready for a double bottom as well then upward momentum. CryptoPickk outlined this by the red oval. 5) The Volume Profile (VPVR) shows the highest amount of resistance below the current price as outlined in the dotted green line. There is resistance at around $2.10-$2.15 range. 6) The Volume seems to low with potential anticipation of a move coming. CryptoPickk shows this by the arrows. 7) The Ichimoku Cloud is looking similar to a prior pattern before the price upward occurred. CryptoPickk shows this in the orange ovals. 8) If price falls, it may be supported around the $1.45-$1.50 range.
What are your opinions on this?
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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
Kommentar
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With downside momentum in the crypto markets, we may see prices fall as noted in #8.
Thank you for your analysis. while it has been discouraging for the majority of the investors to see their punted coin being oversold, but this gives investors a good opportunity to enter for cheap. I must say thought that, i am impressed that the support is still holding strong despite the Bloody Friday crash. I am looking forward to ride this upcoming bullish wave. hopefully we will have a turn of events and hit another parabolic wave in january like you've mention. good day mate!
MillionaireEconomics
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@daveadeth, I agree with your comment. I do hope we can all do well with ADA!
while it has been discouraging for the majority of the investors to see their punted coin being oversold, but this gives investors a good opportunity to enter for cheap.
I must say thought that, i am impressed that the support is still holding strong despite the Bloody Friday crash.
I am looking forward to ride this upcoming bullish wave.
hopefully we will have a turn of events and hit another parabolic wave in january like you've mention.
good day mate!