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ADA/USDT Update: Broke ATH and heading for 3$. Smart Contracts! for BINANCE:ADAUSDT by tumbler55

Intro:
– It’s a long time ago since we covered ADA. Mostly because it was consolidating and we had to wait.
– Finally we got an official date for the launch of smart contracts and it’s the 12th of September.
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 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.

RSI is currently close to the overbought territory and did get rejected from it.

Expectation:

– We expect to see new ATH’s until the 12th of September and don’t know yet what to expect afterwards.

– 3$ seems a doable task until then.

– 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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