CARDANO - ADA/USD
CARDANO - ADA/USD
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- Real time data - Cryptocompare
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Type: Cryptocurrencies
Ticker: ADAUSD
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CARDANO - ADA/USD - cycles and volume study - 08/29/2021 (GMT)

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  • Timeframe : 1H

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The Price and Time Movements yesterday were more or less perfectly executed. By the time I posted yesterday, the high of the previous day was 2.95 from where I calculated a 2.77 support.
This was hit and rebounded off a few times until we made a new high for the day yesterday at.2.84. That lower daily high generated a 2.71 low as the price went down. that low was known at 16:00 and it was hit at 23:00. From there, we rocketed out of the area. The low was 2.72 which suggested a 2.88 move today. We are there now and have made a high of 2.94 as of this posting.

The 2.94 could be a temporary high for the day. It, however,  poses a serious resistance area for the day. The first reason is, it is volume supported. The second reason is that ADA natural resistance is at 2.97. Thirdly, we have already retreated from there once. Some serious buying has to come in to take us to $3. Luckily, today is indicated as a strong cycle day on the Daily chart. We might benefit from there. Also, some fundamentals favor buying as Cardano smart contract timeline is hit today and 9/12.

Price wise, support is at 2.76 based on the 2.94 high of the day so far. If we get a new high, support will get higher accordingly. The high so far, suggests movement at 17:00.
The movement from yesterday's low to today's high so far, suggests a reversal at 10:00
This member declared having a buying position on this financial instrument or a related financial instrument.

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