Cardano Wider Perspective | Easy 15% (10X Lev. = 150%) & More...

24 giu 2022

We've been looking closely at Cardano (ADAUSD) and when looking too close one can get lost.

It is always good to have the bigger picture at hand at all times to better protect ourselves from any sudden move that may show up.

The low was hit for Cardano on 12-May, exactly like the rest/entire cryptocurrency market.

Prices just now are moving above EMA10, which finally switches the short-term potential to the bulls.

We were looking at early signals when in the short-term timeframes and so far things are looking good.

The RSI is strong at 47 on the daily timeframe.
The RSI is never strong when prices or dropping or near support with the exception of now.

When a pair has bottomed, when support is very likely to hold, we see very low prices but with a strong RSI.

This takes us to our first target which is EMA50 at 0.5820 for 15%.
Since we are on 10X on this pair, that is a nice 150% potential price jump.

This one is an easy target.
Since we already had multiple rejections and a higher low, after we see any type of small recovery this is the resistance that will be visited first and foremost.

But I don't think that Cardano will stop at 0.58, I think it can do much more.

Additional details on the chart.

Namaste.