ERG/USDT Is a downtrend breakout in sight? We are Ready!

7 окт. 2021 г.

Intro:
- ERGO is an Oracle that will be used for the Cardano blockchain.
- ERGO worked together with Charles from Cardano and they talk highly from each other which is a good thing if you believe in ADA and it's approach.
- SEC confirmed that crypto will not be banned and especially Bitcoin and Ethereum will not be banned.

Daily chart:
- Price currently is within a downtrend and near a local support around 10.5$.
- Volume decreases since the start of September where ERG was listed on Kucoin. Once we break the downtrend this could change quickly.
- RSI analysis shows a "soft" downtrend breakout. We are still going down but could set a higher low.
- Support lines are at 10.5$ and 8$.
- Resistance lines are at 12.5 and 19$.


Expectation:
- We expect a further price appreciation during the next three months and a solid recovery until the end of October. Currently price depends on the ADA price token which is stagnant at this moment.
- Looking forwards into October where we might see an ETF approval for Bitcoin . This would be in favor for the whole market.
- We possibly retest the 10.5$ line which could act as support and help ERG to push through the purple line. This could lead to another bullish rally together with the whole Cardano ecosystem.
- End of the year prediction: We will see a 50$+ Ergo before the end of 2021.



Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place

Enjoy the ride and don't be too greedy.
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Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers

ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Specials:
- Boxes represent either entry zone or support zone . Check the description.
- Cameras represent MA crossings. Yellow camera stands for a golden cross while the cyan camera stands for a death cross.