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Cardano analysis – 30% growth in just 6 days. Ideal time to buy?

2 min read

Cardano has been in the main for more than a month accumulation zone and key export, from which the price should bounce in the long run. Only a few days have passed since the last low of $ 1.07 and at the time of writing ADA is already trading for $ 1.36. Nevertheless, this movement does not define the end signal of the sideway structure.

Although it is contemporary growth fairly decent, it is still important to realize that it is located in a sideway structure. In other words, the price has still not reached a higher local maximum in the long run compared to the previous one. From ATH price creates declining highs and lows. To end this trend, the price would have to to Overcome the $ 1.60 Level.

Cardano is in the shopping areaSource: TradingView

Cardano is in the storage zone

Buying area, which we are talking about, is bounded by levels roughly $ 1.00 and $ 1.50. How long the price will be in this range is questionable, but we know that $ 1.00 support must be maintained. Long-term target is currently afloat $ 2.20. Unfortunately, no one knows whether the price will break this zone this week or in up to 2 months.

In the event of a breakdown of resistance, it would also be essential to increase bull volumes which would signal a reversal of the trend. These have started to increase slightly, but these are not significant values ​​in the long run. Cardano seems to be in a zone where it pays off in the long run to buy and there is likely to be a long-term bottom.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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