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ADA/USD Analysis: Patterns And Levels To Watch

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The cryptocurrency market has recovered after a Sunday-Monday crash this week. The recovery is associated with the developments in the US and the drop of the US Dollar overnight.

Cardano is one of the coins to watch as there are signs of a bullish continuation. As seen on a 4H chart ADA/USD has established a descending channel and is proceeding within its support and resistance levels. As seen on the chart the current setup, support from EMA50 and MACD demonstrate a bullish run up to a resistance near $0.322270.

Cardano price on Overbit

However, to do so, Cardano has to overtake another short-term dynamic resistance, described on an hourly chart below. As seen on the chart, both uptrend and downtrend scenarios are valid. The bet on an uptrend could be higher as Cardano cleared off the upper edge of a triangle on the same chart.

Cardano price on Overbit

On a 15M chart there are two harmonic patterns on the watch, the first described below is a Gartley pattern.

Cardano price on Overbit

And a Crab pattern, see the image below.

Cardano price on Overbit

The ending point, point D of both patterns, take place at important resistance levels. It is worth mentioning that harmonic patterns are formations that appear on corrective wave structures and very rarely on an impulse wave.

The alternative to the uptrend scenario is, if Cardano does not close above the dynamic resistance, it will drop to test $0.261400 support which is a Fibo 0.618 level of the last impulse and to $0.244000 below that.

Cardano price on Overbit

Key Takeaways and Announcements of Data This Week

  • Today, January 13 – we are expecting CPI and Core CPI data as well as speeches of the FOMC members.
  • Tomorrow, January 14 – Initial Jobless Claims and FED Chairman Mr. Powell speech.
  • Friday, January 14 – Core Retail Sales, Retail Sales and PPI.

Almost all of the forecasts for each economic data announcement signal the recovery of the US Dollar, although the unrest in the market due to the Impeachment and possible riots remain.

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Early CryptoPunk Digital Collectible Sells for $762K in Ether

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Some rudimentary pixel art just sold for 605 ETH, or $761,889 at purchase.

FlamingoDAO, a decentralized autonomous organization (DAO) for investing in digital collectibles, is behind Saturday’s eye-popping CryptoPunk sale. Only nine such “Aliens” exist in the CryptoPunk universe, which pioneered non-fungible tokens (NFTs) in 2017 and are the “Holy Grail” for an emerging class of Ethereum-based art collectors.

FlamingoDAO community representative Priyanka Desai told CoinDesk it was by far the collective’s most expensive piece to date.

“I showed my mom and she was like, ‘What???’” Desai said in a phone interview.

Flamingo is a fund with roughly 40 members and 4,800 ETH in pooled capital, Desai said. It has “hundreds” of NFTs in its growing collection including rare Autoglyphs, NBA Top Shot cards and land plots in various metaverses.

Flamingo’s decision to act on this rare opportunity “was whipped together within 25 minutes,” mostly via Discord, Desai said.

“It’s understandable for folks to be skeptical about NFTs, but in our view, NFTs are the future of not just digital art, but all digital property,” FlamingoDAO said in a statement. “It’s the tip of a very large spear.”

A prominent decentralized finance (DeFi) personality, @0x_b1, was one of the counterbidders who lost out on CryptoPunk 2890. In a tweet, @0x_b1 said they had valued the CryptoPunk at roughly $1 million.

The CryptoPunk in question last sold in July 2017 for 8 ETH, or $2,127 at the time. That represents a 75x return on investment in ETH terms (and even greater in USD).

“People see it as a collectible that is pretty significant in the history of NFTs,” said Desai.

Options for realizing a return on the investment are still to be determined by DAO members, Desai said. Aside from future appreciation or its possible financialization, “There’s also this notion of Flamingo wanting to build galleries in different metaverses for putting this and other pieces on display,” she said.



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Valkyrie Digital Assets Files for Bitcoin ETF

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Valkyrie Digital Assets filed an application on Friday for a bitcoin exchange-traded fund (ETF), becoming the second company to do so in a month.

According to Dallas-registered Valkyrie Digital Assets, the Valkyrie Bitcoin Trust would be listed on the New York Stock Exchange and Coinbase Custody Trust Company, LLC would serve as the custodian for the proposed ETF.

Leah Wald, CEO of Valkyrie Digital Assets, told CoinDesk, “Our executive team has previously launched multiple ETFs, publicly traded funds, and ETPs, including bitcoin funds.”

Wald explains the team behind the ETF includes, “Steven McClurg and John Key who have collectively worked on over 100 esoteric and novel deals that have passed regulatory scrutiny.”

While an ETF is seen as advantageous because it trades on the stock market in much the same way as shares in popular companies such as Apple and Microsoft, over the years the U.S. Securities and Exchange Commission has rejected bitcoin ETF proposals due to concerns about market volatility and industry manipulation. 

Still, there’ve been signs the SEC is warming to the idea. In October 2020, then-Chairman Jay Clayton, who many saw as lukewarm toward crypto, said the agency was still open to considering ETF proposals.

Now, with a new administration causing a changing of the guard at the SEC, it is widely hoped by crypto advocates that such an ETF will be approved in 2021. Clayton stepped down officially last month and was replaced by Gary Gensler, who is widely seen as being more pro-crypto than is his predecessor.

Also adding to optimism is this month’s departure of Dalia Blass, the director of the SEC’s division of investment management. Blass was the author of a 2018 letter within the SEC expressing concerns that the bitcoin market was not large enough or liquid enough to be ready for an exchange-traded product.



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Another Pro-Crypto Appointment in the Biden Administration?

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Reports are that Chris Brummer – author of a volume on crypto assets and frequent speaker on digital currencies – will chair the CFTC.

This episode is sponsored by Nexo.io.

On this edition of the Weekly Recap, NLW argues that while bitcoin’s price was the short-term story of the week, the medium-term story was all about the transition of power in the U.S. to the new Biden Administration. In it, he discusses what the appointments (reported or confirmed) of Janet Yellen, Gary Gensler, Michael Barr and Chris Brummer suggest about the future of crypto policy.

Image credit: Chip Somodevilla/Getty Images News



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