CARDANO Price Analysis 29/07/2020
Hello everyone!! I hope everybody is having an awesome time. 😃
For this segment I would like discusss about the current trend of ADA or CARDANO against usd.
We are looking at a daily chart of ADA for this one.
ADA is really one of the movers and leaders from the big cap altcoins.
As we can see, it already moved a whopping 750% from its lows!! That is quite huge.
The momentum from this crypto is really strong and buyers are really gobbling the market up.
We can also see that all the moving averages are pointing up and giving more space from each other.
This means the momentum is still increasing and and buyers are still stepping up to buy higher prices.
But still, I would be careful with this because aside from the over extended move already, we can also see that the RSI and MACD
are already going down (yellow arrow) and making a lower highs. This can be a bearish sign for the price. So its really good to have a plan if we want to participate in these current prices.
What I am eyeing for here is the white box that I made. This is the range from 0.12 usd to 0.15 usd.
It can be good if we can participate on the dips in the lower part of this range in the 0.12 usd area.
If this is really strong and doesn't touch it, we can also participate when this breaks the current high of 0.154 usd.
BUT, what we should always look at also is when are we going out, for me, I would already exit this if it breaks the current support of 0.11739 usd. If it closes below with a strong candle, that would be a really bad sign for the bulls.
It can have a correction upto 0.09 usd.
We can be eyeing upto 47% potential profit for this if it goes according to plan so the reward is also quite good.
The 0.2 USD is a really strong resistance in my opinion. This is a psychological resistance so I don't think this will break it in one go.
As always, have a plan when participating in the markets and use proper risk management so that you will not blow up your whole account.
If you want some chart requests or want me to analyze some crypto or asset, just comment below and I will post it next.
Thanks!😃
Till next time guys and gals,
Cheers!! 😃
Disclaimer: This is not a financial advice and for educational purpose only.