Cardano price saved by Sundaeswap? First DEX in the next days🚀

BINANCE:ADAUSDT   Cardano / TetherUS
- Cardano is one of Ethereum's main competitor and addresses some major issues that pains Ethereum like scalability and gas fees.
- Finally smart contracts are running on the Cardano chain and the ecosystem can start to bloom .
- So far Cardano is lacking a working DEX which seems to hold back the whole ecosystem. But now finally Sundaeswap announced that it will go live during the next days.

Daily chart:
- Price took a heavy hit and even retested the 1.45$ support line which did hold so far.
- Volume sees a spike today and some increase during the last days.
- RSI analysis shows that we are very low at the moment and have a lot of upwards potential.
- Moving Average: We are about to form a death cross between the 50MA and 200MA. Let's see if price action can avoid this.
- Support lines are at 1.4$ and 0.7$. The ascending yellow line can act as support as well.
- Resistance lines are at 1.9$, 2.3$ and 3$.

- Sundaeswap announced that their DEX Testnet will go live during the next days.
- This could boost the whole ecosystem and approve smart contracts on the cardano blockchain.
- End of the year prediction: We will see a 5$+ Cardano before the end of 2021. Due to the fact that Cardano performed very badly during the last month we changed the 8$+ prediction to 5$+.

Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place

Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.

Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
- Boxes represent either entry zone or support zone . Check the description.
- Cameras represent MA crossings. Yellow camera stands for a golden cross while the cyan camera stands for a death cross.


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.