Hi guys, so with Bitcoin in price discovery mode. It hints at the final phase of Crypto bull in action. With that comes altseason and in my opinion explosive growth in altcoins.
1 particular coin i've been looking at is Cardano (ADA).
This is a macro technical analysis of ADA on the 1 month timeframe. So each candle is 1 month of price action. This is very powerful on its own. And can give signs into where an asset will trend.
If you compare this to majority of other alts, its looking alot more bullish and is ahead of the game.
SO jumping right in.
Lets look at price action. Notice we are in a macro rectangle or sideways pattern.
Upper limit at $1.24
Lower limit at around $0.25.
This indicates a consolidation phase.
Real action is seen above that upper limit. Where we see explosive price action to the upside. Previously in Sept 2021 seeing highs of up to $3.07.
I believe we are making our way up to this $1.24 level.
Which in the short term will be a solid area to take profit due to it being a major supply zone in my opinion or sell zone. With a potential pull back. This is because if you look previously in price history, cardano price movement heavily involves this level with most of price history being either above or below $1.24.
A key sign but not yet confirmation is a breakout above this slanted resistance line we were being pushed down from that was created in 11-2024.
We have an engulfing candle break out currently. But still awaiting confirmation which will require august monthly candle to stay above this line and present a bullish candle print.
We will be on the look out for this.
There are other signs and signals appearing in Cardano (ADA) that support my theory and Price action developments. To take trades i always look for multiple signs that overlap.
Stay tune for more of that where ill go over many different indicators and other aspects that point to ADA being above other alts as a solid trade or investment for the next altseason.
1 particular coin i've been looking at is Cardano (ADA).
This is a macro technical analysis of ADA on the 1 month timeframe. So each candle is 1 month of price action. This is very powerful on its own. And can give signs into where an asset will trend.
If you compare this to majority of other alts, its looking alot more bullish and is ahead of the game.
SO jumping right in.
Lets look at price action. Notice we are in a macro rectangle or sideways pattern.
Upper limit at $1.24
Lower limit at around $0.25.
This indicates a consolidation phase.
Real action is seen above that upper limit. Where we see explosive price action to the upside. Previously in Sept 2021 seeing highs of up to $3.07.
I believe we are making our way up to this $1.24 level.
Which in the short term will be a solid area to take profit due to it being a major supply zone in my opinion or sell zone. With a potential pull back. This is because if you look previously in price history, cardano price movement heavily involves this level with most of price history being either above or below $1.24.
A key sign but not yet confirmation is a breakout above this slanted resistance line we were being pushed down from that was created in 11-2024.
We have an engulfing candle break out currently. But still awaiting confirmation which will require august monthly candle to stay above this line and present a bullish candle print.
We will be on the look out for this.
There are other signs and signals appearing in Cardano (ADA) that support my theory and Price action developments. To take trades i always look for multiple signs that overlap.
Stay tune for more of that where ill go over many different indicators and other aspects that point to ADA being above other alts as a solid trade or investment for the next altseason.
Trade active
One indicator i like to use to gauge at where momentum is trending is the MACD.
On the 1 Month it can be a powerful signal. Especially when we have the blue and orange lines crossing bullish ABOVE the 0 level. Which is what is currently happening.
As well as Increasing height anddarkening of color of Histogram bar to dark green.
Signs indicate Bullish Momentum is coming into Cardano.
Trade closed: target reached
Heres an example seen in Bitcoins MACD history.
I believe ADA will mirror BItcoin. As altcoins tend to follow what bitcoin does.
Also note this signal can be seen across all assets from currency to gold to stocks.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.