Cardano is a very popular crypto in the community with a great team, white paper, and road map. The only problem is that they don't have a real product yet and wont for a long time. It's for that reason ADA is not as bullish as other popular cryptos like LTC, NEO and OMG and thus is subject to the same pattern as all other alts finding massive growth then retracing almost to the bottom before starting the next bull run.
I've applied a trend-based FIB extension to ADAUSD using the double bottom as the suggested bottom and like perfection all the major levels line up with horizontal points of convergence. BTW I find FIB levels work best on crypto vs USD, as a BTC pairing has a FIB skeleton from BTC that is majority leader. However, BTC pairings are better to find channels.
I applied a curve to determine the max bend this graph can handle before going flat line. This also helps to determine the market turn point.
Conclusion:
The double bottom, alignment with FIB extension and curve line stress test suggest a bottom of $.26 on March 21st. Then following up an Elliot impulse wave to major points of convergence/FIB levels you'll see a value of $.73 by May (this date is very rough) Nice 280% growth! Buying at $.26 ASAP is not necessary as it will be horizontal for the next 3 weeks. Your money would go much further with LTC over the next 2 weeks.
Market Thoughts:
This point of growth would be in line with BTC moving up to it's 13800 level which I have graphed to last till the first week of MAY. I hypothesis from studying previous BTC dip recoveries that this is a point in crypto that there's opportunity for Alts to see a spike in value as BTC is moving horizontal. Once BTC continues to really move from 13800 to 46k, all alts will dip back down again. In ADA case I'd expect a dip back to $.43 level.
I've applied a trend-based FIB extension to ADAUSD using the double bottom as the suggested bottom and like perfection all the major levels line up with horizontal points of convergence. BTW I find FIB levels work best on crypto vs USD, as a BTC pairing has a FIB skeleton from BTC that is majority leader. However, BTC pairings are better to find channels.
I applied a curve to determine the max bend this graph can handle before going flat line. This also helps to determine the market turn point.
Conclusion:
The double bottom, alignment with FIB extension and curve line stress test suggest a bottom of $.26 on March 21st. Then following up an Elliot impulse wave to major points of convergence/FIB levels you'll see a value of $.73 by May (this date is very rough) Nice 280% growth! Buying at $.26 ASAP is not necessary as it will be horizontal for the next 3 weeks. Your money would go much further with LTC over the next 2 weeks.
Market Thoughts:
This point of growth would be in line with BTC moving up to it's 13800 level which I have graphed to last till the first week of MAY. I hypothesis from studying previous BTC dip recoveries that this is a point in crypto that there's opportunity for Alts to see a spike in value as BTC is moving horizontal. Once BTC continues to really move from 13800 to 46k, all alts will dip back down again. In ADA case I'd expect a dip back to $.43 level.