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05/27/2021

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Cardano Analysis: ADA can still fetch $ 3.40

After months of falling after its launch at Binance, Cardano (ADA) hit its bottom in March 2020. From there, the ADA continued to fall until it was worth less than $ 0.02 but since then, the cryptocurrency has started...

Cardano Analysis: ADA can still fetch $ 3.40

After months of falling after its launch at Binance, Cardano (ADA) hit its bottom in March 2020. From there, the ADA continued to fall until it was worth less than $ 0.02 but since then, the cryptocurrency has started a major upward trend.

However, this upward trend may have ended this month, after the ADA reached $ 2.40. Last week, Bitcoin fell sharply and also pulled Cardano, which moved from its historic top at $ 2.40 to less than $ 1.00 at the height of fear among investors.

What to expect from the ADA at that time, when it ended the week above the historic top of 2018? Check out today’s analysis!

Weekly chart

Let’s start our analysis by looking at the weekly chart. We see the historic top of 2018 between $ 1.00 and $ 0.90 serving as support for the nearly 60% drop.

In addition, we also see an upward trend line (LTA) that has not yet been touched.

In the current scenario, we are likely to see Cardano gaining momentum and breaking the historic top. However, lateralization above US $ 1 is also possible, since good projects are unlikely to fall below previous historical tops after being broken.

ADA / USD

Daily chart

Looking at the daily chart to get an idea of ​​the short term, we see Cardano struggling in the $ 1.70 region to break the 15-period moving average.

Currently, this is a region of strong resistance that, if broken, could form a bullish pivot and the ADA could reach $ 3.40.

ADA / USD

ADA / USD

However, if resistance continues and the ADA breaks support at $ 1 during a fall, the next stop is at $ 0.50. This would characterize a bearish pivot, in which the LTA region on the weekly chart would be searched.

ADA / USD

Conclusion

I continue to see Cardano as a great project for the medium and long term. Although the ADA may never again revisit $ 1 again, it is important not to rule out the possibility of a major correction.

This is because the weekly ATL has not yet been tested, leaving open the possibility of a more pronounced drop.

Read also: Ethereum is prepared to shoot more than 500%, says trader

Also read: Analyst makes price predictions for XRP, Shiba Inu and Ethereum Classic

Also read: ETH and ADA may outperform Bitcoin in the long run, says Augusto Backes

Notice: The information contained in this document is not guaranteed, is not intended to be comprehensive and is strictly for informational purposes only. It should not be considered as an investment / trading recommendation. All information is believed to come from reliable sources. CriptoFácil does not guarantee the accuracy, accuracy, or completeness of the information in its analysis and, therefore, will not be responsible for any losses incurred.

AD

Proposals Catalyst F14 - Cast your vote, search "Otavio" in the Voting App.

If you are you using your ADA to vote in Cardano’s Project Catalyst don’t forget to voice your vote. We would be excited if you can see, comment, share and vote for us. Tip: To find them its easiest to search for "Otavio"Vote for Us


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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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