✴️ Cardano | Full Updated View | Think Long-Term, Easy Win!

20 ก.ย. 2023

It's been a while since we looked at Cardano, and you know I give the truth of what I see regardless if it is good or bad... I just share the meaning of the codes coming from the charts.

The current action is weak, as we have low volume on this daily ADAUSDT chart but, the potential is bullish as prices moved and closed daily above EMA10.

It is a mixed situation but we know how these things work.

👉 Bullish above support.
👉 Bearish below support.

Many Altcoins are breaking bullish now after hitting a higher low in Aug/Sep vs June, this is true for ADAUSDT (Cardano), right now prices are trading much higher compared to the low hit a few months back.

Now, the current price is trading clearly above the low hit December 2022, as long as Cardano trades above this support we are bullish, bearish below.

So we can say we have mixed signals as the RSI is still below 50 and MACD below zero yet bullish potential as we trade above support.

Patience is key.
The market will take care of the rest.

There is potential for another sudden shakeout, but even this shakeout implies bullish potential because only before a major move a shakeout takes place.

If no shakeout, then what is needed only is for the early bullish signals present now to develop as it is happening with other smaller capitalized Altcoins that are moving ahead.

Remember, Cardano is trading at multi-year lows... Once we hit bottom, the only place left to go is up.

In the worst case scenario, buy and hold... Think long-term!
It is hard to go wrong buying bullish after we hit a multi-year long low.

Namaste.