Traders! This is When You Should Buy Cardano (ADA) For 1x Profit

Coinpedia 1 month ago Report
Telegram LinkedIn

Last week, the cryptocurrency market went through one of the barbaric blood baths where except a few cryptocurrencies, almost every cryptocurrency had a fall of double-digit percentage.

Like many other cryptocurrencies, even Cardano bulls have been facing pressure after the May 12th crypto crash.

At the time of publication, Cardano’s ADA is trading at $0.526 with a fall of 1.99% in the last 24hrs.

Cardano To See A Further Price Crash

The way Cardano price action is performing currently, it appears that the ADA price is strongly headed towards a bearish trend. A lack of bullish confidence and rejection can be seen in Cardano’s price momentum with a bearish continuation pattern along with a repeated rejection against the Ichimoku Kinko Hyo system’s weakest level (the Tenkan-Sen).

carda

At present, for Cardano, $0.49 range is acting as a crucial level to be watched at. If Cardano makes up to close its daily candlestick at or lower than $0.49 the price will stay beneath the current high volume mode. The volume profiles for 2022 and 2021 indicate extremely thin traded prices until $0.35, the following high volume node.

Price action behavior in the Volume Profile is analyzed by analysts and traders as follows: when the price goes above/below a high volume node, it will travel swiftly to the next high volume node, depending on how thin the volume between the two nodes is. The faster they travel, the narrower the volume. As a result, the most expected Cardano price is likely to be fast.

Bulls will need to boost Cardano price to at least a close above the Kijun-Sen — at or above $0.66 – to invalidate any additional near-term negative sentiment.

Was this writing helpful?

Photo of Elena R

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Original Source: https://coinpedia.org/altcoin/traders-this-is-when-you-should-buy-cardano-ada-for-1x-...

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.

Join Our Weekly Newsletter of Cardano

Your weekly dose of Cardano news straight to your inbox!
GADA Finance is launching its Initial Stake Pool Offering (ISPO) Starting on June 29, 2022
Being the first permissionless and community-governed launchpad on Cardano, we intend to raise funds through a public ISPO which will enhance the Cardano ecosystem. CLICK HERE!
READ THE ORIGINAL ARTICLE ON >> Coinpedia