Cardano Price Falls…This Is Good For ADA! | Crypto News Today
If you find it useful and informative, then hit the like button. I really do appreciate that, if you are new to the channel, then do subscribe tap the bell select all notifications, and in doing so you will be kept up to date with absolutely everything that we do here. Right with. That said, lets jump in some technical analysis. Here for aida were going to start things off with this weekly chart, uh were going to talk about the how everythings kind of kick started pretty much from march of 2020 was good five impulse waves to the upside and what our expectations are now going into this Fifth, wave, nice and strong, we obviously have seen some new all time highs getting set, so things are definitely heating up, but we have had a pullback just below three dollars right now. At the point of recording this video things are definitely looking pretty good. We can see that the um stochastic rsi is up there in the overbought area. This is something that we would expect to see, considering that we were overbought for quite some time during our third wave. We actually only took a few weeks to go up here previously, so we basically go from the oversold area of our low wave of two and up into the overbought area by was uh about eight weeks in um, and this is pretty much in line with where We are right now so again. We know that we can be up here for quite some time in line with our third wave and, of course, if i just get rid of that um our first wave as well.
Here we can see that were oversold and at the beginning of our wave and then obviously we start to go up into the overbought area and peak out nice and strong. Before going into our correction wave. There are two correction waves on this weekly chart are wave two and our wave four wave two was actually quite flat, something that took some time and was quite slow and gradual, whereas wave 4 was nice and sharp. This is always because these two waves – they actually kind of mimic each other – you have one that goes um sharp and one that goes flat. So, in the case of seeing a slow kind of flat wave in wave 2 wave, four was always going to be sharp. If this was sharp, this would have been flat at white top here in wave four, so everything was kind of going to ex to our expectations with us now looking to go up nice and high. Now our fibonacci retracement tool is indicating 7.20 is the high. However, with this being said, i think uh were going to blast straight through the 4.236 of our fibonacci, because the technicals just doesnt know whats going on with the ecosystem. It does not know and the projects that are looking to migrate over from the cardinal ecosystem, and it does not know uh about the projects that are being built on cardano and so, as a result, i think were going to fly much higher than what the fib Is telling us and weve got a couple of targets set out for that weve got um weve got ten dollars, weve got 15 20 and 25.
I think were gon na probably go up to that. Ten dollar range, thats kind of where my expectations and my target is set but again well, readjust and, and you know, see how things are performing and uh basically monitor the situation and keep you guys up to date as to where we think things are going. As we kind of heat up the second half of this year, close quarter three go into quarter four and uh peak out of this ball run and before going into a bit of a bear market um. So overall, this weekly chart is looking very, very good. Everythings kind of to our expectations, we would, of course, be looking for a pullback at some point, something just to correct us, and we saw this a few times like what i mean by pullback is more like a sideways trade, and we can see this here with A couple of uh weeks in wave one, we can see that there were several moments during our third wave where we kind of traded sideways, and then we peaked out. So we will be looking to kind of just trade sideways for a few weeks. At some point to get us on our journey to the upside, and but for now everything is looking pretty good when we jump down into our daily view. I just expand this up and bring this down for you guys. You can see some of the most recent action uh that weve been having here now.
We can obviously take a look at the stochastic to start with and see that were nice and low, which means weve got plenty of room to grow to the upside. We have been obviously trading sideways hovering around this area here of resistance um for a few days now we obviously had did uh breach it and did push through the other day. I think we went to about 3.10. Let me just check um 3.10 yeah, and so that was the all time high that was set two days ago and we are having a bit of a pullback. Today and again, we can take a look at the stochastic and know that we are going to be moving up shortly so again, thats pretty good um and our first price target that we are talking about trying to move towards is the 3.37 area. This 3.37 is the first area of our fibonacci retracement tool, which comes in at the 1.618. This is from our all time, high area of our third wave, so this comes in down here, which i think was 2.47 and to the low and the correction wave, which was obviously the low of wave 4.. Now that there sets our fibonacci retracement and gives us our price targets. So again, we are just a few cent really away now and from trying to hit this 1.618 thats where our first target comes in. So we got plenty of room on our sarcastic to be able to achieve just this.
We just need good sentiment in the market to continue, and we should be able to see that shortly and with that being said, uh a moment, we are up against resistance here. At the 2.97, this is previously the all time high before we had that 3.10 wick. That just went above and what youll notice here on this um this daily chart is, we were unable to get the closed candle above this resistance, and so this is pretty big resistance that were fighting right now with the pullback that were having today again. This kind of would be in line with our expectations of what happened previously, and this is just going to allow us to then get that momentum that we need to kind of go after our target of 3.37. So again, all of that is kind of working well. For us at the moment again, it can be frustrating to see the sideways trading and all that kind of stuff, but we are doing pretty well considering everything else thats going on in the space. So when we jump down into our hourly and we expand this up – and we just bring this down a second here – there is uh an interesting kind of triangular wedge forming here for cardano and so again. What well look for here is a potential pull back towards our lower bound here and then eventually were going to get this break to the upside um, and i think this is where were going to really see this kind of trading inside here.
Until we get that explosion to the upside, which will take out our 3.37 area so were going to set some new, all time highs um on that journey, obviously, but this is still working for us. We obviously saw the rejection from here at 3.10 and again up here. This is the previous. All time high were up against this resistance, which was gained some of the old previous all time highs and were getting tighter and tighter into this triangular wedge just here, and so again, we all have to watch to see if that holds out, and we continue that Growth to the upside and again, this is something that we saw in this triangular wedge, where we were tracking this and then we exploded up. What were now doing is tracking this one and were looking for that explosion to the upside as well so um. Everything, if you just take a look at all of these various different areas, are working for us and again, the process is quite common. It kind of repeats itself, which is what were looking for in this kind of step, to step, motion here and so again for card. I know theres, nothing really to uh. You know worry about at this point. Things are just working their magic and working. Their way through were getting that stochastic as uh was oversold it. We are progressing back to the upside on this hourly chart um. So again, this is in line with our daily um.
Our weekly is also looking very strong, so right now everything does look like. We are likely to continue this motion to the upside here as we push to the upside once again here for cardano and but guys that is my uh brief update here on cardona. I just wanted to give you guys a bit of an update on what im seeing inside the charts. If you have found it useful and informative, then do hit the like button. I really do appreciate that, if you are new to the channel, then do subscribe tap.