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(ADA) TA looks good, but the fundamentals are even better!

BINANCE:ADAUSD   Cardano / US Dollar (calculated by TradingView)
Alright folks we've got a nice double hitter today!
I always love when emerging chart patterns are coupled with trending news that confirm the analysis.

For those of you that dont know: Cardano just finished their first audit, and released the study highlighting a renewed concentration on bolstering the back end and stepping up their engineering efforts to the Cardano system.

It's no earth shattering game changer, but in a sea of pump and dump coins advancements like this are key to a projects longevity.

Alright, so you know the basics of the fundamentals driving my bullishness, now on to the TA!

  • Not currently relevant but this cardano trend shift is a great example of "patterns within patterns" as we can see from the two opposing angular minor double bottoms which form the major double (triple-ish) bottom.

  • We had a nice clean 5 wave elliot wave up.

  • The peak of the fifth wave up smacked the 100% retrace and failed to breakthrough.

  • Price also rebounded off 78% retrace, giving us a nice clear range to work within for breakouts.

  • Cup has been forming since March 21st, and its a very clean one, near perfect symmetry with a break at nearly the same price as the initial peak.

  • We finally got that EMA crossover everyones been looking for.

  • Approaching historical trend cycle point, overhead resistance, and 78% retrace.

  • There may be a bit of a struggle to over take the overhead resistance, but if we break out we could see a nice handle rally up towards the 127% extension.

  • True strength has been laying down new higher lows since March 30th, looking for a new swing within 24 hours.

  • As we can see from the OBV, volume is still at a major high.

  • The stochastic RSI of the volume however is consolidating down near the twenty line. Paired with the volume stabilizing at a new high level this is very promising.


Plan of attack:
  • Look for new TSI swing low
  • Ladder in from .20 to .2225
  • Stop loss at .21 after 100% retrace break out.
  • laddered exit around 127% or 168% retrace depending on trends strength when that level is reached.

This analysis is meant for purely educational purposes, and whether you choose to trade on it or not is entirely on you!
Good luck and happy trading fellow cryptoheads!

Austin Doyle
CTO
評論: As suspected the handle has begun to form, hitting a double bottom just below the 78% retrace around 20 cents. We failed to break out of the 100% retrace, but have remained well above our .21 cent stop and will be watching for further motion after the current consolidation occurring.