Good evening everyone,
Lets talk about cardano, currently the 7th coin in terms of capitalization.
This token has good fundamentals behind it and it'll not be a surprise if we see CARDANO above 1usd a few months ahead. (for a conservative perspective i mean).
So i can say, its a good HOLD.
But lets talk about short term, as we can see, Cardano is bleeding a lot since its ATH around 9000 satoshis.
Now, we're reaching a strong support level and the current 0.236 fibo level, we need to keep an eye on this level, if cardano keeps bleeding, well, it'll be bad, very bad, but still a good hold for LONG TERM.
Now, if Cardano bounce from the current level and break the downtrend, we might see a good take off, the main targets for short term are 4600, 5600 and 9000 satoshis (current ATH).
For a long perspective, 14000 satoshis is where i plan to sell at least 50% of my holdings.
Anyway, we need to see some action before going long, a bounce from the currenct level and a strenght break out from the downtrend.
About the indicators,
RSI is HEAVILY oversold on both time frames.
MACD is bearish, on both timeframes, the daily one looks slighty better, its histogram show that we might be losing the down momentum.
We can see on our wave volume that the sellers are strong on this coin but they appear to be losing strengh on this last wave.
DMI however, still show a bearish sign, on both timeframes.
In summary, we need to wait to see how Cardano will react on the currenct level, entering long without any confirmation is risky besides this coin has good fundamentals.
Good trades for everyone.
This is NOT a trade signal and its just for educational purposes. Trade by your own rules.
Lets talk about cardano, currently the 7th coin in terms of capitalization.
This token has good fundamentals behind it and it'll not be a surprise if we see CARDANO above 1usd a few months ahead. (for a conservative perspective i mean).
So i can say, its a good HOLD.
But lets talk about short term, as we can see, Cardano is bleeding a lot since its ATH around 9000 satoshis.
Now, we're reaching a strong support level and the current 0.236 fibo level, we need to keep an eye on this level, if cardano keeps bleeding, well, it'll be bad, very bad, but still a good hold for LONG TERM.
Now, if Cardano bounce from the current level and break the downtrend, we might see a good take off, the main targets for short term are 4600, 5600 and 9000 satoshis (current ATH).
For a long perspective, 14000 satoshis is where i plan to sell at least 50% of my holdings.
Anyway, we need to see some action before going long, a bounce from the currenct level and a strenght break out from the downtrend.
About the indicators,
RSI is HEAVILY oversold on both time frames.
MACD is bearish, on both timeframes, the daily one looks slighty better, its histogram show that we might be losing the down momentum.
We can see on our wave volume that the sellers are strong on this coin but they appear to be losing strengh on this last wave.
DMI however, still show a bearish sign, on both timeframes.
In summary, we need to wait to see how Cardano will react on the currenct level, entering long without any confirmation is risky besides this coin has good fundamentals.
Good trades for everyone.
This is NOT a trade signal and its just for educational purposes. Trade by your own rules.
Note
Watch out for the price action around 2500 level!Note
Looks like the 2500 satoshis support zone is holding.We may see some action here on this week.
Note
Support zone still holding as we approach our trendline.Note
Support is gone, Cardano still good for long term, for short, need to wait a bounce.The breakout ideia is still available, but it might take some extra time now.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.