Cardano (ADA) breaks esoteric fundamentals and storms to a new all-time high
CONTENT
Those who regularly buy and sell cryptocurrencies or any other financial instrument, know how common it is to observe multiple drawings on the charts, the lines of which are drawn by the price action.
According to the interpretations of chartist analysis, each of these drawings on the charts whose lines are drawn by price action, is assigned a specific name, among these the most popular is the Shoulder/Head/Shoulder, which is a drawing that reflects repetitive behaviors based on cycles either in bullish or bearish trends.
In chartist analysis, within an uptrend the Shoulder / Head / Shoulder pattern projects a very distinctive visual configuration on the charts, where price action creates the geometric formation of a three-height figure in which the central high (head) is higher than the other two extremes (right and left shoulders).
In theory, the Shoulder/Head/Shoulder pattern describes the behavior of the market, some experts deduce that the trading volume tends to decrease in the head, indicating a weakness in the trend, while the third high (right shoulder) lower than the head, highlights a sign of weakness.
Interpretations of Chartist analysis are also known as esoteric foundations, that is, behaviors and deductions that are outside of scientific interpretation, an element that makes these interpretations incomprehensible or difficult to understand.
There is no doubt that in the current bull market there are people who operate guided by chartist patterns, and while a large number are very successful in trading, there are also people who lose positions every day in trading to get carried away by these geometric figures.
An example of the above is what has been happening in the last 24 hours, this if we consider that ADA (Cardano) broke the Chartista Shoulder/Head/Shoulder pattern by breaking into its new all-time high, and taking the price to $2.58 as recorded on the Binance portal.
The Cardano movement can be interpreted as a blow to the esoteric foundations of chartism, however, it is a clear example of not being influenced by a single type of reading, and that the ideal is to analyze several behaviors adding technical and fundamental analyses that tend to give a better perspective of the market.
SOURCES CONSULTED
➊ Yashu Gola Cardano defies Peter Brandt’s 90% crash warning, ADA price doubles to new high. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating the public domain image background: Source: BINANCE
Greetings my friend @lupafilotaxia
Currently in the world of cryptocurrencies is a roller coaster, where the behaviors of digital currencies are breaking their parameters, in the same way the Cardano (ADA) breaks with the esoteric fundamentals and exceeds its historical maximum, surprising all and sundry, it is an innovative cryptocurrency with a great future ahead, it is not the time to invest, we must wait for the correction and then enter in that market, good things are coming.
Hello @chucho27
I think the same, good opportunities will come, I think the market is in a good bullish momentum zone, maybe impatience will take over us these days while some important correction happens, that will allow us to take a better entry.
Best regards, be well.
I am not a big fan of the Cardano ecosystem but I must admit that any thing that comes to blockchain and it success I am always happy about it. Apart from Cardano alone we can see that the entire cryptocurrency project is witnessing some buzz at the moment and I just pray this continues for a long duration of time.
Hi @tfame3865
Beyond rumors, which certainly will exist in any financial instrument, but beyond all that, what I observe is a market consolidation in this area that is making the BTC between $40 and $50K, an element that favors the growth of Cardano.
Best regards, be well.
I think it has been rumored for some time a possible rise of Cardano, I really like this project and what it has to offer, maybe soon it will continue to give surprises like this, but as you say, the analysis on prices are never definitive and sometimes it is mere speculation. Greetings my friend.
Hello @emiliomoron
Certainly behind there is a lot of speculation, however, it is to consider that Cardano is entering the culminating phase to launch its own platform and this will translate into price increase.
Best regards, be well.
This is something that has been announced for a long time, let's wait and see what happens, but good things are coming for the price of cardano, especially considering that soon the cardano network will be activated, promising that it will be much better than the ETH network because they charge less commissions on transactions.
Greetings my dear friend @lupafilotaxia and thanks for this excellent post.
Hi @carlos84
I think so too, extraordinary things are coming for ADA, and I'm not only referring to the price, because as you say, Cardano's platform will revolutionize the crypto market.
Best regards, be well.
@tipu curate 5
Upvoted 👌 (Mana: 1/6) Get profit votes with @tipU :)
The truth is that I don't understand the charts, but given the winds that are blowing, since this is the trend, I will have to learn.
By @hojaraskita
Hi @hojaraskita
Reading charts gives you a clearer perspective of what the price is doing at a given time.
Best regards, be well.
Greetings @lupafilotaxia, certainly one must perform several market analysis and not get carried away by a single reading or pattern of the same, excellent explanation that you have shared with us.
Hi @carlir
It is certainly necessary to have more than one perspective when making a decision when trading cryptocurrencies or any other financial asset.
Best regards, be well.
Hello @lupafilotaxia!
I'm not a trading master and since I had few bad experiences in trading (Mostly because of being a bit more greedy) I decided to sell my Cordano, I didn't lose any from it I actually got some profit, not that worth it to talk about but then I can see if I waited a little more, just a few days then I would have profit way more from it. I believe it's okay though, no regrets, I'm not a trader in crypto mainly I just do some between while and another, I'm mainly a content creator.
Nice read, thanks for sharing the useful information about the chart analysis!
Hi @lennyblogs
If you sold and took profit, you don't have to regret, remember that the market will always give new entry options, it's time to go analyzing some entry point in the next correction.
Best regards, be well.
You did a good job with this @lupafilotaxia...love how you take us through the analysis.