An exhilarating Cardano and crypto carousel, right?
Even if you are a Cardano, Bitcoin, Ethereum, or whichever coin diehard, How do you expect a 10X parabolic price expansion without a correction?
The finance world doesn’t operate like that. Even the world over, everything that goes up, must come down.
We exactly had that in the last few months.
A 50 percent plus dips were the order of the day. Painful, even gut-wrenching, but that’s why most traders are told to HODL.
Better yet, fade the trend and ride the downtrend.
You would be a master if you did that. Rewards are immense.
Cardano Market Performance
For Cardano traders, markets are still gyrating. There are incongruous, unstable formations that are leaving traders to hold their horses.
Of note, ADA/USD prices are in range mode inside the May 19 bear bar. So, no doubt, it might take days, even weeks, before bulls unwind these defining corrections.
In the meantime, risk-averse traders can as mentioned, “hold their horses” until there is a defined price direction.
On the other hand, the optimism around the project, specifically, what’s in the pipeline, provides perfect fodder for aggressive traders.
Provided prices remain above $1—in the medium term—and $1.3—in the short-term, every low may be a loading opportunity.
At the time of writing, ADA is relatively stable versus ETH and USD, trailing BTC. Also, trading volumes are within range, expanding and pumping traders.
Explains why traders across the board are looking for upsides.
ADA/USDT Road back to $2.4?
Signal_Centre1 on Trading View admits that even though ADA bears have been breaking below supports, ADA prospects are brighter.
Accordingly, he urges traders to buy the dips while setting their eyes at $1.7—or better in the short term.
In the 4HR chart, another trader notes that ADA/USDT is moving inside a descending triangle.
However, in his assessment, the trader remains confident, expecting a bullish breakout.
Kedeer is looking forward to another leg up in an ABCD pattern. Already, there is a bullish MACD signal turning and a momentum indicator turning from the oversold territory. With shifting momentum, he expects another wave of buyers to thrust ADA, lifting its valuation and profits.
From his projections, the analyst expects ADA to soar back to 2021 highs of around $2.4 in a buy trend continuation pattern.
Still, the race to $2.4—or better, depends on the rapidity of the uptrend that’s in turn directly tied to trading volumes.
A complete unwinding of May 19 losses will dispel all bearish pressure, paving the way for ADA bulls.
As such, reading from this, buying the dip may turn to be a decent strategy, especially for aggressive traders.
Cardano has shown “Stamina” in a Crypto Bear Market
On YouTube, Crypto Capital Venture is “very bullish” of Cardano.
His stance, for some reason, is at a depth of a bear market. In the past week of trading, most crypto assets are in red, in rare cases struggling to pare losses with the greenback.
In four months, Goguen will go live. Between now and then, the odds of another leg up, in his view, will be high.
Nonetheless, the analyst is optimistic and thinks that the long-term view of ADA is massively bullish.
Charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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