Cardano (ADA): 1W Outlook ๐ Making Higher Highs
Looking at the chart of Cardano on the Weekly timeframe we can see the coin has an all-time high of $0.36251 that hit in April of 2018. This was just after the 2017 high when the price of ADA hit a little over $1. This $0.36251 level is just a relief rally when the price fell down over 90%. The coin has stayed mostly unchanged since hitting the bottom at $0.03.
The start of 2019 was the reversal from the bear market to the bull market with the absolute bottom forming at $0.029 and created a high at just under 10 cents that summer. That high created whats marked on my chart as the 2019 bull market high and up until July 2020, ADA has been trading in between the zone of the absolute bottom and the 2019 high. From there the price found the 2019 high as a level of support as it keeps grinding higher.
Last month, Cardano came down and backtested the 2019 bull market high level before creating a new local high. Notice how there wasnโt a single candle closure underneath those 2019 high levels, that indicates very bullish momentum going forward.
Some fundamentals adding to this bullish looking technical analysis, IOHK, the development team behind Cardano is launching a hard fork on the blockchain called โGoguenโ. This is the third phase of Cardano and will take place sometime in December and enable the token-locking mechanism. Itโll allow users to hold tokens for a fixed period to complete a contract.
The Cardano team has passed two phases focused on making its protocol decentralized. The third phase is devoted to implementing new features.
I know this chart doesn't show the 2017 high of ADA, I am aware that the top on here is $0.36251 but here are my TPs
TP1 ๐ฏ $0.19701
TP2 ๐ฏ $0.23677
TP3 ๐ฏ $0.29100
TP4 ๐ฏ $0.36251
These are reasonable targets for this coin moving forward and keep in mind this is on a weekly chart that shows about 3 years worth of candlestick data. This is going to take time to play out but it will, these targets will hit. Thank you
As always please do your own research, I am not a financial advisor.
The start of 2019 was the reversal from the bear market to the bull market with the absolute bottom forming at $0.029 and created a high at just under 10 cents that summer. That high created whats marked on my chart as the 2019 bull market high and up until July 2020, ADA has been trading in between the zone of the absolute bottom and the 2019 high. From there the price found the 2019 high as a level of support as it keeps grinding higher.
Last month, Cardano came down and backtested the 2019 bull market high level before creating a new local high. Notice how there wasnโt a single candle closure underneath those 2019 high levels, that indicates very bullish momentum going forward.
Some fundamentals adding to this bullish looking technical analysis, IOHK, the development team behind Cardano is launching a hard fork on the blockchain called โGoguenโ. This is the third phase of Cardano and will take place sometime in December and enable the token-locking mechanism. Itโll allow users to hold tokens for a fixed period to complete a contract.
The Cardano team has passed two phases focused on making its protocol decentralized. The third phase is devoted to implementing new features.
I know this chart doesn't show the 2017 high of ADA, I am aware that the top on here is $0.36251 but here are my TPs
TP1 ๐ฏ $0.19701
TP2 ๐ฏ $0.23677
TP3 ๐ฏ $0.29100
TP4 ๐ฏ $0.36251
These are reasonable targets for this coin moving forward and keep in mind this is on a weekly chart that shows about 3 years worth of candlestick data. This is going to take time to play out but it will, these targets will hit. Thank you
As always please do your own research, I am not a financial advisor.
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