Technical Analysis of Cardano

Cardano is entirely open source that aims to establish a smart contract platform which focuses on more advanced features. According to the official website, this platform will deliver more advanced features than any protocol previously developed. Some analysts say that this project is being built from the ground up and aims to be the most practical and effective cryptocurrency network ever made. Cardano has own cryptocurrency known as ADA which is designed to work well with regulations and to be accessible to almost anyone. 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. 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 $0.06 and $0.08 – If the Cardano jumps above $0.08 that would be a “BUY” signal and the open way to $0.09. If the Cardano jumps aboveĀ  $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 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. As for the technical picture, Cardano (ADA) remains in bearish phase but if the price advances above $0.10 next targets could be located around $0.12 and $0.15. On the other side, if the ADA falls below $0.060 that will be a strong signal “SELL” signal and the next target could be around $0.050.

 

About Stanko 84 Articles
I am a professional forex, cryptocurrency and stock trader looking for more opportunities to penetrate the field. Writing, research, analysis, are all things I enjoy doing aside from the core trading practice as they provide a deeper perspective of market activity. I am well versed in technical analysis as well as sentiment behavior. I have 10 years experience in stock and currency markets ( analysis and trading), I am also an experienced cryptocurrency analyst. I have been writing business, finance, stock articles for over five years. My biggest strength is in technical analysis

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