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ADA/USDT Update: 3$ was met. Smart contracts launch today. for BINANCE:ADAUSDT by tumbler55

Intro:
– Today is the official launch day for the goguen era and with it smart contracts which will result into a vast ecosystem.
This is the update the whole Cardano community waited for years now and patience seems to be rewarded.
– Guys please give me some feedback to improve my charts, analysis and commentaries.

Daily chart:

– We did reach the anticipated 3$ which marks a new ATH and took some profit.

Later Cardano crashed together with the whole ecosystem and even touched the 2$ line which represents a 30% correction.

– Currently the market is very volatile since nobody knows the impact of this new starting point integrating smart contracts.

One could suspect that some people take profit and now look for ADA gems to invest which would result in a small ADA selloff.

– During the drop we see that the Fib levels 0.5 and 0.38 did hold so far.

– The current bottom is likely to be 1.4$ or 1.8$, so don’t panic if we visit this regions again.

– The RSI is in a steady downtrend since mit August and currently does not look like it even tries to recover.

– Overall ADAUSDT is a very messy chart and we can’t recommend trading ADA for now.

(The following description is taken from last discussion.)

– We spot a beautiful W recovery drawn in blue. As mentioned in other analysis we consider a W shape recovery to be very strong reliable.

Volume rises again which is a bullish sign. However volume did not reach a level near to previous volume spikes which could indicate that the big chunk is still coming.

– The resistance levels at 1.4$, 1.85$ and 2.4$ were take out all within a short period of time.

– The 1.85$ resistance level was tested and now acts as support.

Expectation:

– The anticipated 3$ were hit and the 12th of September is here.

The next days will lead the path and it is anybody’s guess where we head next.

Currently we can’t recommend buying and trading ADA since we are so close to the newly formed ATH and potentially have a lot of downside potential in the very shortterm.

– Let’s see how things play out over the next week and discuss again.

– Once smart contracts are running and the ecosystems grows we maybe even will see a 10$ cardano one time. Stay tuned and hodl on.

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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We would love it if you could share your thoughts in the comments.

Discussions are very welcome here.

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.

Boxes:

– Either entry zone or support zone . Check the description.

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