Looking at the similarities between Cardano in November 2020 (left) and Cardano today (right), and I notice a number of structural elements looking very similar:
Could we be looking at a fractal re-occurrence of November 2020?
If so, an initial projection of the price peak of 1.382x from the low could re-occur in quick time, rising the price to $3.00.
If achieved, that would put a particularly bullish outlook on Cardano, as it continued to rally from the November 2020 peak for another 1300% before reaching the May 2021 high.
I’m not saying that ADA will reach $40 necessarily, but it does look to be on target for $3.
- 1D 200MA tested twice
- Convergence of the Moving Averages (20MA, 50MA, 200MA)
- Similar relationships to the Fibonacci pitch fan lines
- Rising RSI
- Bullish MACD
Could we be looking at a fractal re-occurrence of November 2020?
If so, an initial projection of the price peak of 1.382x from the low could re-occur in quick time, rising the price to $3.00.
If achieved, that would put a particularly bullish outlook on Cardano, as it continued to rally from the November 2020 peak for another 1300% before reaching the May 2021 high.
I’m not saying that ADA will reach $40 necessarily, but it does look to be on target for $3.
Комментарий:
Some exciting times for Cardano look to be coming up, with the 4H 20MA reconfirming support, consistent higher-lows, and the MACD crossing bullish. A confirmed rise above the red centre line of the pitch fan will complete a lower-order (diagonal) iH&S and push the price up to complete the larger iH&S above $1.40.
Комментарий:
With 3 consecutive daily closes above the iH&S neckline, and a retest and confirmation of that neckline as support, ADA is clear to rally higher towards the next levels of resistance at $1.61 and then $1.84.
I note that there will likely be some resistance at the 1.618 Fibonacci projection of the prior correction, which coincides with the iH&S projection at $1.78.
I note that there will likely be some resistance at the 1.618 Fibonacci projection of the prior correction, which coincides with the iH&S projection at $1.78.
Комментарий:
A very nice rally to hold the curve, but resistance is encountered at $1.78, the RSI is in heavily overbought territory on the 4-hr chart and price is now at the extreme of the Bollinger Bands deviation range and needs to correct back towards the centre line (20MA). This should see price retest $1.63 and even $1.60 and confirm those levels as support before carrying on.
A confirmed close above the neckline (above $1.40) and we should be on the way.