CARDANO ADA PUMPS 20% | ADA RECOVERY | ADA ANALYSIS & UPDATE | CRYPTO NEWS TODAY
Most recently, we have seen some pretty good volatility for ada and some pretty good opportunities to dollar cost average. Better positions in this video were going to dive into some technical analysis on cardano and talk about what we might be expecting to happen next, as we exit september and go into october in a really strong way. Guys, if you find this video useful and informative hit the like button, i really do appreciate that, if youre happy to be new to the channel, then do go ahead and subscribe tap. The bell select all notifications, and in doing so you will be kept up to date with absolutely everything we do here with this said done and out of the way lets dive down into this technical analysis on cardano, so were going to start things off guys with The weekly chart really talking about these five impulse waves to the upside. Now we can obviously see that things started back up here. In march of 2020., uh wave one peaked up in july. Wave two was bottoming out in september 2021. We can see that wave three up here really peaked up nicely in may 2021 and again wave four bottomed out with a triple tap at the bottom here, and this was basically may june and then i believe july. We can see that we have started the fifth wave. We set a new all time high at 3.10, slight pullback here again from a couple of scenarios, one bitcoin was pulling back and then one was due to um.
Well, basically, what was going on with the real estate market over in china overall, this was a fantastic opportunity to buy up some of the fear and again this is not unusual in the space. You see these level of corrections all the time in every single wave that we do because inside every wave that be that one, two three four or five there are additional waves: okay, so um! This is just a bigger time frame that you can obviously quite clearly see the five impulse waves wave. Uh four was uh, it was actually quite you know, sharp and its really in its way that it was uh. Wave two was very flat, and this is the alternation um theory in terms of elliott theory right, so the uh. This basically allows us to see that and when one is flat, the other one is usually sharp and they usually are opposite each other. So if wave two was sharp, wave 2 would have been flat, okay, so, overall, this is actually pretty much in line with my expectations on elliott theory, these five impulse waves to the upside, and so looking like. We are pushing nicely to the upside. Now we obviously have had a good correction on our stochastic rsi pulling down ever so slightly again, we have uh oversold area for wave four oversold area for wave two overbought for wave one overbought for wave three and looking to stay overbought for wave five.
Although the volatility has to hit as hard as usual, with september september, being the month of corrections, thats exactly what weve seen over here like we saw in wave 2., we are not in wave 4 just yet. I do think that setting the new all time high here does not represent a peak of wave three, but actually you know a good correction that is due halfway through wave five, so we are looking to push up to the upside uh in a really strong way. Now for cardano um, so overall, the weekly structure is still very much intact, theres, nothing to worry about in terms of what weve seen recently and im going to go through the smaller time frames as well to highlight what i can see going on. There usually uh once the month of september, is out of the way. October is a pretty good strong month and we can see that representing, as we look to exit out wave two here as well, and you can go back through the history and you can see lots of different scenarios where um you know. Septembers are usually the months where you see pullbacks and then you do push up significantly uh as you go into october and obviously for the ball run for anyone who caught my uh bitcoin video im, anticipating the ball, run to kind of peek out or bitcoin to Peek out in december um and then of course, we will be looking to peek out most of these old coins, either early 2022 um or late december, so overall everythings pretty much on track for that um.
Nothing major to report here for for car diner on the weekly, so lets jump down into our daily view. This allows us to see a few additional things. First of all, we have got uh this area here, um and um. This is a fibonacci retracement tool from the previous high of 2.47 at the top of way, three, the low of wave four and again. This actually then allows us to see a 7.22 price prediction here for cardano, with a nice theoretical top of ten dollars. I think, with some transactional volume, new daps, smart contracts, all the things that are being built on the network will allow us to potentially over extend from that, but the current performance, wise um 7.22 seems like a pretty sensible area. The other thing that has been forming on many of these altcoins is a little bit of a cup and handle kind of scenario. You can see it a little bit clearer on the weekly than you can on the daily, but um you can see. There is a cup and handle scenario here. This would then actually show us moving on out so ill just quickly draw that out, for you guys, and so you guys are aware of what we are seeing so from here. We can actually see that, and during this cup and handle scenario, i do anticipate the price rising steadily up to this 1.618 area, and this would actually put cardano at about 4.
45 in the month of um of october, in my opinion, so mark that one. I do think thats something that were likely to see with the cup and handle scenario here: uh heres, your cup heres your handle. Then we search up to this area just here for the um for the 4.45. So again, its a pattern thats quite clearly visible on the weekly, and you can see it also here on our um on our daily chart as well, and what i will do is im just going to grab hold of a horizontal ray and well just quickly mark Up this price target here and ill just make it green so that we know that thats a price target so 445 and then ill just remove that fib. So when we talk about this cup and handle scenario, thats been forming here on the daily and, of course the weekly and what well be looking for now is basically taking the high of our um. Put that back the high of our uh. You know a cup on the right hand, side, then the low of our saucer yeah or our actual cup here and the higher the handle, and this will actually allow us to see the um. You know price prediction of 4.45 thats, my anticipation as we look to kind of go into october in a really strong way and partially, almost up to our 2.6 extension uh or the 2.618 extension of the 4.
84. So overall and things are looking like they are, moving – are going to be moving to the upside in a really nice and strong way. We can see that the stochastic rsi has been oversold for a while weve just come out. This oversold area, looking to push back up into the overall area like we were previously over here, were up here pretty much for an entire month before, and it looks like weve been down here, pretty much for the most of september as well, and so again, when We take a look at what the kind of price action that we saw previously from our oversold area to our over bull area. Uh were tracking all of this motion just here now. Obviously we have the cardinal summit over the weekend: uh we will be attending. So if anyone else is down in london and for the cardinals summit would love to meet you dont join us, thatll be fantastic and but yeah. Ultimately, i think theres gon na be some interesting news that comes out of that some interesting kind of uh partnerships, maybe and all sorts of various things so looking forward to seeing what that will also bring in terms of price expectations, um and appreciation on ada. Overall, this daily chart is looking pretty good. We are moving back to the upside out of our 618 702 786. Getting this closed candle again a weekly one above this area is going to be indication.
A nice strong week ahead, um next week for cardano. So, overall everythings looking pretty good on the charts of the daily and guys this video has been sponsored by cheeky crypto and specifically the cardano ada pool. If you are looking to support the channel and rf it here to communicate out all the recent kind of news, articles, price changes and price action of your favorite altcoins, then theres no better way than delegating your ada into our stake pool. By doing so, youll not only support the channel, but you will also earn a juicy return and a nice passive income on your ada holdings. Its really simple to do guys just load up your uri or deadliest wallet, drop your ada into the wallet and then find the cheeky crypto pool via the ticker cheek. In doing so, youll earn a nice juicy return and support the channel. There is no better time to do so, so why not delegate to cheeky crypto today so at this point well jump over to evada io and actually take a look at the artificial intelligence and machine learning ratings for ada. Here we have cardano at a rating of b3, it hasnt changed in the last 24 hours. The fear and greed index is a c3, so it is still extreme fear in the market here for cardano, but i think this is going to be short lived and that fear has been up for sale for a few days now.
So i think, weve seen an interesting move. A lot of people have been buying up ada. I know that chris has. I have, and i know a few other people in the space have also been buying up more ada. So again, this seems like a pretty interesting kind of thing. Thats been going on and again it seems like an opportunity that you didnt really want to miss out on. We can see that the moving averages are c2 again thats been affected by the recent performance, but i do anticipate this is going to move up nicely in the next little, while the sharp ratio is c2 just below our 50 day average, its actually pretty much exactly Our 50 day average, and so i do anticipate that this over the next few days is also going to really turn into our favor, so risk reward ratios um. You know quite negative. I would say at this point and so be mindful over this, and we can see obviously the profitability, the a1 rating, obviously its incredibly profitable. There are no problems with our ami had ratio, so no problems with liquidity. So, overall, when we take a look at this underlying data, i would say yes, theres definitely fear in the space, but i can see that were actually in a pretty good um push to the upside overall and good expectations to the end of the year that this Is the kind of fear that i want to be buying the moving averages? I can understand the effect on the most recent kind of trading has pulled down the 10 50 and 100 day averages and therefore that is being affected negatively, and we should be mindful over that and looking for any potential issues with crossing those moving averages.
We can see the sharp ratio. This is the most interesting metric for me. We we have obviously, if we actually zoom out on this one and see how we were tracking quite below the 50 day average. For quite some time now we have taken a little bit of a dip here, but we are exactly on that um that average right now right that 50 day average. So this is one that i think is important, that we do acknowledge that it could be a potential risk to hold ada um, but as a long term, investor im – okay with it. But you should be mindful over that. Obviously, im not a financial advisor, and nor is chris, but for me i couple the charts with what this underlying data is telling me and although we have pulled back quite significantly, we are looking for that search to the upside right, and this is where you potentially See the opportunities we can see the opportunity was down here when i had a huge discount on ada back in july and then obviously the risk reward ratio. It was indicating was a high risk scenario, but actually thats. When you started coupling the charts, seeing a good move to the upside and actually moving back up into a really good area for cardano, so although we did dip below the 50 day average, coupled this with the charts im actually thinking, this is actually an opportunity, along With our fear to actually be buying it up ahead of where i think its likely to go next so overall, im not concerned over that, but you should be mindful.
The sharpe ratio does exist, for a reason is to try to help mitigate against risk um. So you might want to hold off if youre, looking at ada saying that you might want to wait until actually thats, actually in your favor to be, you know, buying up ie above that 50 day average um. Overall, though i think um, you know, its artificial intelligence is spot on with what its saying there is clearly fear in the space. We can see that the moving averages have been affected. We can see that too. The sharp ratio is a good indication of risk, reward ratio and its good to see theres no problems with liquidity or profitability overall, so its good to have that kind of insight. So the guys there is a link to evidence. I o in the description below check it out its free to sign up youll, get this insight and i think youll be very impressed with what you find it updates every single day. So if you do come across anything like worrying, it will highlight that to you. Okay with all that being said, cup and uh handles kind of pattern. Forming um should take us up to about a 4.45. In my opinion, and from here we can also see good progress now on our stochastic rsi. So what about that date that hourly view right? Whats going on here, why am i so bullish at the moment on cardano? So, ultimately, we did see this area of the 618.
This seemed to be a pretty good low point. We found ourselves consolidating around these areas here of where 196 two dollars two dollars and four and obviously you know taking out these key areas like we had the 618, the 702, the 786 and weve had good progress right here now. This takes us from an oversold to an overbought area in a really strong way. We are heading down to the oversold area, whilst protecting the price and getting rejected from 2.29. This is an area that was previously support, became resistance, and again this is the most common area that we would be looking at resistance now gearing up for a good move today, guys, i think we are likely to pierce past this resistance and probably push all the Way through and head up towards our 2.44 area – and i think therell be a little bit of turbulence of resistance at a few places. So we might find that actually 2.40 is our barrier and im not going to mark it up. But i do think theres something here that might actually be a bit of a problem and ultimately im anticipating that well kind of trade sideways here for a little bit and then slowly work our way up to about 2.40. We might end up with rejections from there back testing on something like the 2.32 so up to 2.40 down to 232 and then up again, i think, were on the road to recovery as we exit september and so some fantastic opportunities to buy up some.
Some fear. Thats been for sale, good opportunities with the stochastic to grow um. But what about that volume? How is that volume faring for us and we can take a look here. The volumes were growing as we were moving up, not amazingly well, but they were growing and obviously, as we started to have this pool back here, the stabilization we started to see the volumes drop. So if those volumes stay nice and low down here, as we kind of get this corrected on the stochastic, then we are looking for a good surge to the upside next and we do want to see that volume come back in. But again we have to be mindful. It is a reasonable amount of fear in the space for cardinal and as a result of that, the volumes will probably be lower than we would like them to be with all that being said, though, i do anticipate some pretty good things happening over the weekend with The cardano summit, some new announcements and some pretty cool things, hopefully getting announced there overall. So i am pretty confident in the long term vision if we are ever in doubt, we do zoom out either to the daily. We take a look at the structure on the daily. We take a look at the structure on the weekly have a good vision of where we are going im pretty confident on 7.22, and i do like to think that once we start getting that transactional volume, 10 15, 20 theyre all up for grabs, really guys um.
If we do see 10 its only a 320 billion dollar market cap, even though market cap doesnt really represent too much, i know a lot of people like to kind of get that number in their head to understand whether it is possible or not possible and ultimately Theyre, all possible market cap is no barrier to entry, but ten dollars does put us about 320 billion market cap, which is less than ethereum. So, overall, i think people will be understanding that ten dollars is incredibly feasible and not something that is out of reach, by any stretch of the imagination, its good to see that some of the further out there is also disappearing in terms of uh ghost chain. Although i did see a comment saying that uh we should sell cardano and because its going to become a ghost chain um, so i dont think that ones ever going to leave. But in my opinion, the only one thats potentially going to become a ghost chain are going to be some of those other smart contract platforms that havent really kept up with um, with security, scalability and uh transaction fees, etc. So when you have a fast, secure and cheap blockchain like cardano um, i do think that we are going to see migrations happen and actually the ghost chains will become. You know the former performer chains, but overall ill leave that there guys, if you have found this video useful and informative, then do go ahead and hit the like button.
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