Does The Cardano Indicate a Buy At Last ?

Technical Analysis

November 10, 2021|The Forex SecretBitcoin and Ethereum are considered to be the largest cryptocurrencies, which has reached a new record high recently. However, Cardano is on it’s way to lag behind Bitcoin and Ethereum. Cardano holds some potentiality for the long run. The possibility of breaking out of ADA is positive to increase by 30% on the daily chart, which hints the possibility of outperforming the Bitcoin and Ethereum.

Technical Analysis

In the last two months there was a solid bullish pressure for the ADA/USDT, which pushed the price up to the 3.00 level. Later on bulls couldn’t hold the pressure any longer and pushed the price down towards the 1.90 key support level. However, the bears couldn’t take the price below the 1.90 level and the bulls took over.

In the picture above, we can see that the ADA/USDT is currently trading above the dynamic 20 EMA, which indicates a buy. However, if the price goes below the 2.09 with daily closed candle, the buy would be invalid.

What We Can Expect from the ADA/USDT?

As per the above findings, we can expect the investors should focus on finding a buy as the current price is trading above the dynamic 20 EMA with a bearish momentum. However, if the price goes below the 2.09 level with daily closed candles, the buy would be invalid.

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