Principles vs. Pragmatism : How low will Cardano's price go ?
It is my personal opinion that Cardano remains to be one of few projects with extremely strong fundamentals. However, Shelly being postponed until Q1 2019 has done nothing but fall short of people's expectations and hurt short-term investor sentiment. Generally speaking ,the markets in the short-term are more emotional/irrational and often times prefer pragmatism over principles that have been concluded and discovered through the Scientific Method. It is unequivocally undeniable that mankind has achieved great strides and progress in medical and technological advancements by the formal use of the scientific method.
A lot of people want their Lambo's today or tomorrow and a ticket to the moon as soon as possible. In reality crypto-currencies are at least a decade a way from mass adoption.
If the moon is your mission it's probably preferred you board a spaceship designed by the same standards upheld for mission critical systems.
* In the mean time, if the SEC decides to delay its decision on the VanEck/SolidX Bitcoin ETF until the maximum filing deadline, February 21 2019, the crypto-currency market could continue to capitulate lower after each extension is announced. Cardano's price would suffer further getting closer to ICO prices.
Ultimately in the longer term, crypto-currencies do not require a derivative or ETF of any kind to function as intended or succeed, however the markets at this moment are relying too much on an ETF approval in desperation for another potential quick pump fueled only by hype, hysteria and mania.
Previous support levels at $0.17, $0.13, $0.11 have failed to hold what-so-ever.
If we look at key Fibonacci extension levels (plotted from the previous peak on May 3rd and previous trough on June 29 and most recent peak July 18) we can observe 3 critical support and resistance levels.
0.382 = $0.092
0.5 = $0.0594
0.618 = $0.0268
DISCLAIMER: This is not tailored financial advice nor is it a recommendation to open any short positions.
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Comment:
daily RSI is at oversold levels