$SYRUP
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UPDATE: ADA MAY BE THE MOST OVERSOLD IN ITS HISTORY Technical analyst Quantum Ascend says Cardano $ADA is likely at its most oversold level ever, based on its record-low weekly Relative Strength Index (RSI). The analyst noted that strong support appears to be holding, [Spoken audio]: What's going on everybody? Welcome to Quantum Ascend. Up on the screen I have ADA, ADA, Cardano, whatever you want it to go by. It's been a while since I've been doing the altcoin videos, pretty much been focused on my group. You know, I needed a break from Twitter too because it is a complete cesspool, but going to be getting back into it here. So let's talk about, again, it's been a little while since we did Cardano. Let's talk about what's going on here on the higher timeframe. first things first you can see the area that we dropped down into right here that was back late June brought us into this top back here from July of 20 and this was also a support zone back in 2018 before it kind of went into a big capitulative moment so it does seem like there's some pretty strong support right there for uh for Cardano so obviously a lot lower than we would have hoped back up in this area uh my theory was that it's kind of building a bottom at this point because we were at an area that held, you know, in the past here back in December of 22, September of 23, like this was an area it wanted to hold. And if you look here on the weekly chart, it was holding it for quite a bit. And then bam, kind of capitulated down into the level we talked about. So one thing I do want to to warn is there's still a potential that there's more downside. And a lot of this, I mean, these coins aren't going on their own, right? It really depends on the broader macro environment. That's what I spent a lot of my time focusing on. But if you look at this thing from like an Elliott wave structure, you might look at it and say, all right, it's an A, B, C. But one of the parameters that has to be met for that is the C leg has to be at minimum the length of the A wave. And in this scenario, if I line the A wave up right there, well, that shows more downside. That shows us right down there around the 10 cent level. What else is at the 10 cent level if we look is we have these tops in here and a support zone back here going way back. These tops were in 2019 right here back in mid to late 2020. So that would give us a perfect ABC if it did come back down near that 10 cent level. So I just want to point that out. We are at an area that we could find some pretty good support right now for the time being even here, you kind of had to break out a couple of weeks back test before it really exploded. So you could look at the current area here as kind of the launch pad from what's happened back there in the past, but we can't ignore if this is going to be like a natural ABC, it is going to come down in touch that 10 cent level. So right now more of a complex structure here, not a clean ABC, just had to point that out in case that you know that ends up happening. So let's see, I haven't looked at these moving averages yet moving averages are all way higher so we don't have to worry about that for the time being coming in as supporter resistance but the next area I am looking for as a major resistance will be this 23.6 area that area we were hoping was gonna hold back here I mean you can tell that right support support support now it's flipped resistance so I want to clear through 23 24 cents with a little bit of conviction and again I like the area that we're at right now and holding but there is that possibility of a little bit more downside and so if it does make it down to that 10 cent level not financial advice but that'd be an area that you could definitely load up and feel pretty comfortable doing so. All right one more thing I want to look at and also kind of points to the possibility that we're at a bottom is the weekly RSI is the most oversold it's ever been and that happened back here in mid to late June so if you look over to the left here and I'll do that if you look over to the left There's no other RSI Time in history that the RSI came down to this low of a level now We did have it come down here before pop back up and then revisit it So again in a move like this where we do head down around 10 cents You could see this thing rolling back over as far as the RSI is concerned to is we're stopping out We want to still be able to set like higher highs and higher lows on the RSI right now Now we're setting higher lows, but if this thing goes ahead and turns back over here, we will not have set a higher high. I'd like to see the RSI break above 40 as well to kind of give us an indication that maybe there's a little bit more strength, and that that 10-cent scenario is not going to happen. But I wanted to point all of this stuff out to you guys, just give you a little snippet into the higher time frame stuff here for Cardano. Again, a lot of it is going to depend on the broader macro, and that's exactly why I created the quantum circle, entries, exits and strategy, emotional and mental clarity, two daily macro videos, you can get 50% off your first month. Link to that is in my bio. If not, just super appreciative you guys are here. If you could follow, like, repost, I want to get this out to as many people as I can. So I hope you're having a wonderful Saturday and I'll talk to you guys in the next one.