Cardano has experienced a lot of attention lately. In comparison to Ethereum it already operates on a functioning PoS level with considerably less fees. From a technical perspective, there is a lot of potential to move further to the upside. We have a lot of volume coming in and right now we are touching the upper band of the channel (only one excess to 1.2 USD). If we break this channel to the upside and overtake the last top at 1.2 USD, we might experience a period of progressing price discovery leading us to around 1.7 USD in the coming weeks. This is supported by a bullish divergence on the 4 hourly comparing the 2 lows within the channel while MACD just turned green.
However, it is still strongly positively correlated to Bitcoin and if BTC falls ADA will fall, too. If we break the channel to the downside, we could see it going back to 0.6 - 0.8 USD. These are levels where I set buy orders to accumulate more at perceived discount.
This is no trading advice.
Good luck!
However, it is still strongly positively correlated to Bitcoin and if BTC falls ADA will fall, too. If we break the channel to the downside, we could see it going back to 0.6 - 0.8 USD. These are levels where I set buy orders to accumulate more at perceived discount.
This is no trading advice.
Good luck!
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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.