Good evening traders, today I am going to say what I personally think of Cardano when it comes to the short term (after this crash). Cardano is recovering nicely and I think that if it holds that crucial 1.5 support line it has great potential to keep moving forward and hit that 2$ level again.
Right now it's a lot of volatility in the market and it's tricky to say something when everything is so back and forth with the prices. Most of this is also in the hands of Bitcoin, if BTC continues further down this is not possible. We are still in a good level on the FIB extension but still on the lower part on the 100% level.
I still remain bullish on ADA and I think no expert think that this is the bottom of the bull market and Cardano still has a lot of work do. If we look on the EMA's on the 24h time frame we can see that it is no longer pointing upwards and that usually means ADA is going to consolidate before a potential upside.
On the 1 hour time frame we can see a bull pennant forming and hopefully racing towards 2+ dollars. Even though that sounds great we still have to expect a downside and everything from 1,3-1$ can be an option.
Cardano is looking strong and if it holds support nicely we can see the upside once again but this time even further!
One last reminder; Don't worry about today's noise!
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Let me know what you guys think! Let me know in the comments!
REMEMBER TO ALWAYS TRADE AT YOUR OWN RISK AND I AM NO FINANCIAL ADVISOR.
Right now it's a lot of volatility in the market and it's tricky to say something when everything is so back and forth with the prices. Most of this is also in the hands of Bitcoin, if BTC continues further down this is not possible. We are still in a good level on the FIB extension but still on the lower part on the 100% level.
I still remain bullish on ADA and I think no expert think that this is the bottom of the bull market and Cardano still has a lot of work do. If we look on the EMA's on the 24h time frame we can see that it is no longer pointing upwards and that usually means ADA is going to consolidate before a potential upside.
On the 1 hour time frame we can see a bull pennant forming and hopefully racing towards 2+ dollars. Even though that sounds great we still have to expect a downside and everything from 1,3-1$ can be an option.
Cardano is looking strong and if it holds support nicely we can see the upside once again but this time even further!
One last reminder; Don't worry about today's noise!
Enjoyed the analysis? Like! Want to see more? Follow!
Let me know what you guys think! Let me know in the comments!
REMEMBER TO ALWAYS TRADE AT YOUR OWN RISK AND I AM NO FINANCIAL ADVISOR.