The Squeeze Is In For ADA But It Will Ride On Bitcoin's Back
Cardano is a project with a lot of promise but considering it is still in a highly developmental state with its next big news event not coming until the start of the next quarter, its price is going to ride with Bitcoin.
That isn't a bad thing either. Bitcoin looks like it could blow past the 4K level at any moment.
Cardano has overhead resistance at $.057 but if it were to break that on the back of a heavy move by Bitcoin towards the mid 4K level, ADA could be well on its way to the next level of resistance at $.08. That would be a 76% move from here.
ADA's price is also being squeeze by the 50 and 100EMA which have both been well above price or knocking it down since the bear market went into full effect. This is an interesting moment for the market.
Predictions: There is going to be a sharp move coming. And its either going to go up or down ( ....hahah). But really, the sentiment is telling me a move up will be a biggy. If BTC can break the resistance it faces around 4.4K, ADA will be shooting towards $.08, making for a potential big gain for those hodling or looking to trade this odd squeeze situation both BTC.
Very interesting situation here.
For those looking to accumulate, you might never see these levels again if ADA breaks $.057, but remember its price is going to ride with BTC.
That isn't a bad thing either. Bitcoin looks like it could blow past the 4K level at any moment.
Cardano has overhead resistance at $.057 but if it were to break that on the back of a heavy move by Bitcoin towards the mid 4K level, ADA could be well on its way to the next level of resistance at $.08. That would be a 76% move from here.
ADA's price is also being squeeze by the 50 and 100EMA which have both been well above price or knocking it down since the bear market went into full effect. This is an interesting moment for the market.
Predictions: There is going to be a sharp move coming. And its either going to go up or down ( ....hahah). But really, the sentiment is telling me a move up will be a biggy. If BTC can break the resistance it faces around 4.4K, ADA will be shooting towards $.08, making for a potential big gain for those hodling or looking to trade this odd squeeze situation both BTC.
Very interesting situation here.
For those looking to accumulate, you might never see these levels again if ADA breaks $.057, but remember its price is going to ride with BTC.