Cardano ADA - Price Analysis - Feb. 20

Introduction

Cardano is ranked 6th in the CoinMarketCap list with a market capitalization of $10.224.314.340.
Cardano is a decentralised public blockchain and cryptocurrency project and is fully open source. Cardano is developing a smart contract platform which seeks to deliver more advanced features than any protocol previously developed. It is the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach. The development team consists of a large global collective of expert engineers and researchers.

This new blockchain is written in Haskell, a strong, general-purpose with non-strict semantics and strong static typing programming language.

Ada, which is the coin of the blockchain Cardano, is a proof of stake currency, introduced by the Ouroboros Algorithm.

Today, in London, there will be a Cardano Meetup, this could help the price rise.

Price Analysis

In the last few days, we saw that Cardano broke down the descending triangle. Even if it is possible to see a pullback to 00004070 BTC, my view is bearish as long as it trades below the descending triangle.

It is interesting to see that the Fibonacci level 0.786 falls exactly on the next support, at the level of 0.00002465.
IN MY OPINION, the buy zone for Cardano Ada is between 0.00003270 - 0.00002465.

Conclusions

It is possible to see the price of Ada continue its fall, though a pullback might come since the event today could help new investors to come in.
What do you think? Will Cardano Ada rise or fall?

**THIS IS JUST MY OPINION, SOMETHING I WANTED TO SHARE WITH YOU. PLEASE DO NOT TAKE THIS AS AN INVESTMENT ADVISE. **

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