Home Cryptocurrency Cardano Technical Analysis: March 7, 2019

Cardano Technical Analysis: March 7, 2019

Cardano is a decentralized public blockchain, the project aims to establish a smart contract platform which focuses on more advanced features. A very good team stand behind the Cardano and according to them, Cardano will bring greater financial inclusion by providing open access for all to fair financial services. The price of Cardano has been trading in $0.040-$0.050 range for a while and according to technical analysis, the downtrend is still very strong. The first strong sign of recovery for Cardano (ADA) could be if the price jumps above $0.10 but it’s also important to consider the competition Cardano will face from other companies operating in the same sector. Despite this, some analysts believe that the end capitulation is right around the corner and Cardano could be one of the best performers on the cryptocurrency market in the upcoming months. Although the price can weaken even more putting a reasonable amount of money into Cardano could potentially turn out to be a very good investment. This is a still very risky cryptocurrency but with the long-term prediction (5 – 7 years) of Cardano being around $10, it sure does make sense to invest in Cardano it the present time.

Technical analysis

The price of ADA currently stands around $0.042 and at this value, the total market cap of Cardano is around $1.11 billion. On this chart, I marked resistance and support levels. Resistance levels are $0.1, $0.15, $0.2 and $0.3, $0.040 represents the current support level. It is important to say that the highest price of this coin was $1.38 and according to analysts this level could be reached again. If the price jumps above $0.1 it would probably reach $0.15 in the short time period. If the price jumps above $0.2 we have an open way to $0.3. If the price drops below $0.040 support that would be a “SELL” signal.

Recommendation: I found out that lots of analysts agree that the upside is massive but the risk is extremely high ( this is also my opinion). For the investors/traders that are not averse to risky speculative investments, putting a reasonable amount of money into Cardano could potentially turn out to be a very good investment. Cardano has a short-term resistance area at $0.1, and it would take a break above this level to confirm a new leg higher towards the $0.2 resistance level. If the price jumps above $0.2 that could be a very good opportunity for the short term traders, short-term traders can put the stop loss at $0.17 and take profit at $0.3 or above.

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