– 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.
– 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$, so don’t panic if we visit this regions again.
– The is in a steady downtrend since mit August and currently does not look like it even tries to recover.
– Overall ADAUSDT is a very messy chart and we can’t recommend trading ADA for now.
(The following description is taken from last discussion.)
– We spot a beautiful W recovery drawn in blue. As mentioned in other analysis we consider a W shape recovery to be very strong reliable.
– rises again which is a sign. However did not reach a level near to previous spikes which could indicate that the big chunk is still coming.
– The resistance levels at 1.4$, 1.85$ and 2.4$ were take out all within a short period of time.
– The 1.85$ was tested and now acts as support.
– 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.
– 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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– 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 trendline.
– White lines are levels
– Purple lines are we take a look at.
– Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
– Yellow lines are for visual help only.
– Either entry zone or . Check the description.