Today, we’re going to take a look at Cardano because it is another coin for which there has been a specific price review requested of it.
So, let’s see what the price action on this project is at the moment.
Cardano Price Analysis
We’re going to start off with the basic chart here and then see what we can identify from there.
Alright, so as expected, Cardano is still more than likely in the midst of a humongous downtrend.
So, let’s see what we can discover after drawing a few trendlines.
Above, we can see a major (former) support point that was eventually violated, followed by a steep (50%) decrease in the price, establishing a long-term (potential) support at 1000 sats.
That’s no longer relevant, however, so let’s see what else we’re looking at on the chart here:
Again, in the picture above, we can see a (fairly) established support point at 1100 sats.
This has only been tested twice and briefly at that, so there should be no strong reliance among traders on this point.
Since we aren’t able to glean too much information from the daily resolution, let’s go ahead and scroll in and see what else we can find.
4-Hour Chart [Exponential Moving Averages]
So, this is somewhat arbitrary, but to get an idea of the more immediate price movement, let’s go ahead and check out the EMA indicators on the H4 chart, below:
Thus far, the indicators are bullish for the following reasons:
The EMA indicators (12, 26, and 50) are all below the candles on the chart.
The EMA-12 > EMA-26 > EMA-50; which is a bullish stack for EMA indicators (always).
There’s a bit of room between the curre...