Here is my view on Cardano over the next couple years.
The white line portrays the general path I expect ADA to take to new highs, which will be kickstarted by bitcoin's halving estimated to be in April 2024. Price deviations above the yellow/medium or red/high risk bands could suggest profit taking. Additionally, in Cardano's last crypto winter, it was optimal to purchase when the weekly RSI was in the mid 30's range, which we have just entered, at around this time of the cycle.
When considering the next peak, the time lapses from the prior highs provides a decent range of when we could expect it.
I have opened my first position at $0.026
The white line portrays the general path I expect ADA to take to new highs, which will be kickstarted by bitcoin's halving estimated to be in April 2024. Price deviations above the yellow/medium or red/high risk bands could suggest profit taking. Additionally, in Cardano's last crypto winter, it was optimal to purchase when the weekly RSI was in the mid 30's range, which we have just entered, at around this time of the cycle.
When considering the next peak, the time lapses from the prior highs provides a decent range of when we could expect it.
I have opened my first position at $0.026
Comment:
I've been continuing to DCA cardano, doge, and bitcoin weekly at these price levels at a proportion of 10/10/80% respectively. I'm waiting to swap btc to eth until eth's price corrects under $1,300. The reason for this is that the ETHBTC valuation remains quite elevated compared to most altcoins at this stage.
Comment:
This strategy has been playing out well, and I probably won't take profits until the weekly RSI breaks 60.
I wouldn't be surprised if exchanges like Robinhood who previously delisted the SEC named securities allow them to be traded again.
Short term, I expect continued volatility to the downside as both crypto and S&P appear due for a pullback given the strong 6 month rally from Jan-Jun, and will continue to accumulate under .26 cents.