Cardano has been beaten down considerably since last December, but fundamentally still remains an amazing project. IOHK's third generation crypto currently tries to solve many of the issues we are seeing with Bitcoin and ETH including scaling, energy sustainability, governance, and future project funding.
With all the big milestones coming up on the Cardano road map including official decentralization, assigning stakes, multi-sigs, incentives and awards, virtual machine, smart contracts, etc, its a matter of time before we see Cardano moon again. For those of you who have just discovered Cardano, consider yourself lucky, because this is one of the only few coins you want to hold long term through this bear cycle over the next few weeks/months. And this one just so happens to be on SUPER SALE.
Getting back to TA, we saw very bullish price action today after hitting a major support. But before you back up the truck up, at this point it makes sense to wait for confirmation once we get a candle or two closed above the upper trend line (4 hour chart). I drew three potential possibilities here.
a) We get confirmation above upper trend line and therefore buy
b) We fail to break through and retest support again. From here either we get a double bottom or break lower. (I recommend a partial long position if youre not holding any Cardano)
c) We break lower through support and head towards the next support line. Especially if bitcoin drags the market down.
Either way, at these price levels, it best to have a core position in ADA and practice an averaging down strategy. See you on the other side of the moon in a few years. If you haven't researched this project yet I recommend watching Charles Hoskinson's (ex CEO of Ethereum) white board on youtube, researching the team, the Cardano roadmap, and checking out all the activity on GitHub).
With all the big milestones coming up on the Cardano road map including official decentralization, assigning stakes, multi-sigs, incentives and awards, virtual machine, smart contracts, etc, its a matter of time before we see Cardano moon again. For those of you who have just discovered Cardano, consider yourself lucky, because this is one of the only few coins you want to hold long term through this bear cycle over the next few weeks/months. And this one just so happens to be on SUPER SALE.
Getting back to TA, we saw very bullish price action today after hitting a major support. But before you back up the truck up, at this point it makes sense to wait for confirmation once we get a candle or two closed above the upper trend line (4 hour chart). I drew three potential possibilities here.
a) We get confirmation above upper trend line and therefore buy
b) We fail to break through and retest support again. From here either we get a double bottom or break lower. (I recommend a partial long position if youre not holding any Cardano)
c) We break lower through support and head towards the next support line. Especially if bitcoin drags the market down.
Either way, at these price levels, it best to have a core position in ADA and practice an averaging down strategy. See you on the other side of the moon in a few years. If you haven't researched this project yet I recommend watching Charles Hoskinson's (ex CEO of Ethereum) white board on youtube, researching the team, the Cardano roadmap, and checking out all the activity on GitHub).
