ADA was making a nice little cup and handle pattern. Then, the Japan market opened and there was some nice selling activity which broke the handle pattern. This is the second pattern that has broke. Now, we are in unsure territory. If ADA can consolidate and push higher, it needs to cross 2.85. If it does not, it can be considered the start of a downtrend. There is still a major target of 3.25. This can happen next week or 5 months from now. We will see what happens.

ow lets talk about why ADA has so much strength. Cardano is about to release smart contract September 12 with the Alonzo release. This addition makes it a viable competitor to ETH as an open source platform. Right now, it is just a glorified ledger. As a person who plans to be a Cadano Developer once Alonzo is released, it makes me wonder how far ADA can go. I have heard people say it cannot go to 100 dollars because it will need around a 3T market cap. But considering in the past 2 weeks ADA has added 31B to its market cap, it's definitely not out of the realm of possibility. Also, considering Grayscale Investments has picked it up, I think it has a LOT more room to grow.

Tell me what you think?

This is not financial advice. DYODD.