Cardano to follow suit on the Verge (XVG) breakout? (+600% pot.)
Verge has been on a rampage the last couple of days, exploding in price with strong momentum. The strongest catalyst being the knowledge of a pending announcement of a very big partnership (announcement planned for April 17th). It is supposed to be an exclusive partnership with a lot of impact. Hence, we have ourselves an anticipatory price movement.
Now, first of all, prepare yourself for the typical buy the rumour, sell the news phenomenon. Make sure you have your stop losses set. This might be a timing for the handle to start forming.
Verge:
-----
Could Verge be running ahead of Cardano?
In my previous posts on Cardano, I first highlighted that it was not time to catch that falling knife, as the bearish trend remained intact for some time. My first article discussed this back on February 20:
"ADA / Cardano - WHEN will the downtrend end?" :
On March 19th, I called the bottom and I speculated on a potential cup and handle forming:
"Cardano diving into the 2nd part of a cup & handle? (600% + potential)":
------
TODAY:
As per today, we are trading near the 78,6% Fibonacci retracement level (blue horizontal line), we have made a bull cross in the MACD a little while ago, and basically we seem to be set for that second part of the cup.
If we look at the Verge graph, we see several similarities, and whereas Verge has its big announcement the 17th of April, Cardano will be making announcements somewhere around or after that time (with a.o. a roadmap update in the beginning of May). This could indicate a similar price movement for ADA as we see now for Verge (which is basically a bombastic ride up!).
-------
This is of course only a scenario, but one that still seems to be panning out. Make sure to put some stop losses for Verge (buy the rumour, sell the news), and have a look at Cardano ;)
As always, DYOR, and thumbs up on this post are highly appreciated!
All the best
Now, first of all, prepare yourself for the typical buy the rumour, sell the news phenomenon. Make sure you have your stop losses set. This might be a timing for the handle to start forming.
Verge:
-----
Could Verge be running ahead of Cardano?
In my previous posts on Cardano, I first highlighted that it was not time to catch that falling knife, as the bearish trend remained intact for some time. My first article discussed this back on February 20:
"ADA / Cardano - WHEN will the downtrend end?" :
On March 19th, I called the bottom and I speculated on a potential cup and handle forming:
"Cardano diving into the 2nd part of a cup & handle? (600% + potential)":
------
TODAY:
As per today, we are trading near the 78,6% Fibonacci retracement level (blue horizontal line), we have made a bull cross in the MACD a little while ago, and basically we seem to be set for that second part of the cup.
If we look at the Verge graph, we see several similarities, and whereas Verge has its big announcement the 17th of April, Cardano will be making announcements somewhere around or after that time (with a.o. a roadmap update in the beginning of May). This could indicate a similar price movement for ADA as we see now for Verge (which is basically a bombastic ride up!).
-------
This is of course only a scenario, but one that still seems to be panning out. Make sure to put some stop losses for Verge (buy the rumour, sell the news), and have a look at Cardano ;)
As always, DYOR, and thumbs up on this post are highly appreciated!
All the best
