Cardano has been in a downtrend since the beginning of January. It has retraced more than 60% compared to BTC. Daily RSI is oversold (25) with MACD in the lowest territory since.
The trend is clearly downward for ADA/BTC, but are there any signs of a reversal to be found? Well, let's see...
Currently, Cardano has reached the daily support level at around 0.00003200 (Binance). Although MACD is at the lowest level, the MACD histogram is moving up slightly.
Looking at the USD chart on CoinMarketCap.com for Cardano over the last month, you'll see that since February Cardano is in a tight range, especially the last 2 weeks or so while the volume has decreased considerably in the same period. Tight range and (long) period of low volume usually means the price is ready for a move, either up or down. Btw, I've tried to add the chart/image to the post but tradingview won't let me so if you want, check it on coinmarketcap to see it with your own eyes.
So the only thing Cardano needs is some news or hype to move the volume and price up again. A roadmap update is expected in the near future so this might be the sparkle that could light up the fire in Cardano so it starts moving up again.
Trade instructions if you want to trade ADA/BTC for the mid-long (weeks-months) term:
Buy Area:
0.00002850 - 3200
Profit Targets:
You can use the Fib. Extension levels to take profits:
1. 0.00005128
2. 0.00006347
3. 0.00007310
4. 0.00008273
Stop loss:
0.00002450
Note: Since this is a mid-long term trade, you can use the stop loss target to rebuy instead of stopping out if you believe in Cardano for the long term.
Please like and share if you found this informative and helpful. Leave a comment if you have any questions.
And as always, good luck trading!
The trend is clearly downward for ADA/BTC, but are there any signs of a reversal to be found? Well, let's see...
Currently, Cardano has reached the daily support level at around 0.00003200 (Binance). Although MACD is at the lowest level, the MACD histogram is moving up slightly.
Looking at the USD chart on CoinMarketCap.com for Cardano over the last month, you'll see that since February Cardano is in a tight range, especially the last 2 weeks or so while the volume has decreased considerably in the same period. Tight range and (long) period of low volume usually means the price is ready for a move, either up or down. Btw, I've tried to add the chart/image to the post but tradingview won't let me so if you want, check it on coinmarketcap to see it with your own eyes.
So the only thing Cardano needs is some news or hype to move the volume and price up again. A roadmap update is expected in the near future so this might be the sparkle that could light up the fire in Cardano so it starts moving up again.
Trade instructions if you want to trade ADA/BTC for the mid-long (weeks-months) term:
Buy Area:
0.00002850 - 3200
Profit Targets:
You can use the Fib. Extension levels to take profits:
1. 0.00005128
2. 0.00006347
3. 0.00007310
4. 0.00008273
Stop loss:
0.00002450
Note: Since this is a mid-long term trade, you can use the stop loss target to rebuy instead of stopping out if you believe in Cardano for the long term.
Please like and share if you found this informative and helpful. Leave a comment if you have any questions.
And as always, good luck trading!