Technical Analysis of Cardano

Cardano was one of the best performers on the cryptocurrency market in the last three weeks, in less than 20 days the price of Cardano has advanced from$0.06 above $0.10 and the current price stands around $0.08. The price of Bitcoin is above $8 000 and there is a correlation between the price movements of Bitcoin and other cryptocurrencies. Cardano is entirely open source that aims to establish a smart contract platform which focuses on more advanced features. Cardano has own cryptocurrency known as ADA which is designed to work well with regulations and to be accessible to almost anyone. According to estimates, this cryptocurrency has a bright future but I would invest only a small sum of money in Cardano. In my opinion, this project is still very risky and faces several problems. When we look at this chart we can see that Cardano is moving in “sideways”. As long as Cardano (ADA) is below $0.10 this cryptocurrency is in the “SELL” zone. Short term support and resistance levels are $0.07 and $0.09 – If the Cardano jumps above $0.09 that would be a “BUY” signal and the open way to $0.10. If the Cardano jumps again above $0.10 that could be a strong signal of the trend reversal and the open way to $0.15. On the other side, if the Cardano falls below $0.06 that will be a strong signal “SELL” signal and the next target could be around $0.05.

Advice: According to the official website, this platform will deliver more advanced features than any protocol previously developed. In my opinion, this is a highly speculative cryptocurrency and still very risky but lots of analysts agree that Cardano (ADA) is currently at a point where it has the potential to make very big gains. As for the technical picture, ADA remains in bearish phase but if the price advances again above $0.10 next targets could be located around $0.12 and $0.15. On the other side, if the ADA falls below $0.06 that will be a strong signal “SELL” signal and the next target could be around $0.050.

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