What's next for CARDANO?Hello to all traders!
Today are we going to take a look at Cardano from a short/midt-term position. As we have seen, Cardano had a great start to the year with a 70% thus far. What naturally follows is a healthy correction. From what I can see, it's a lot of selling pressure at the 0,4-0,42 area making it a strong resistance line to break through as of right now. It has retested 0,4-0,41 multiple times but never enough to break through.
At this moment on the 1 hour timeframe we can see that it is on the 50 mark on the RSI, making it vulnerable to a lot of volatility. If it doesn't break past the 0,42 area, then we might have to look for a short position back down to 0,38-0,37.
If you look at the MACD indicator we can see that it doesn't look like it has enough volume or momentum to break through the specified areas mentioned earlier.
For a more short term strategy, we can see that on the 5 minute time frame that Cardano is looking strong, if it breaks past 0,4090 then I would begin to look for a long position with the first TP at around this month´s high at around 0,4180, and then shorting back down. At this moment Cardanois forming a descending channel pattern, that could very well be an indicator towards a short position.
I definitely think that Cardano is going to make some big legs these next weeks/months but not without some corrections along the way, as we can see from this month.
Enjoyed the analysis? Like! Want to see more? Follow!
Let me know what you guys think! Let me know in the comments!
- The Stallion
REMEMBER TO ALWAYS TRADE AT YOUR OWN RISK AND I AM NO FINANCIAL ADVISOR.
