Hodl, dear members of LeoFinance!
Today I would like to comment on the price chart of Cardano.
In the 4-hour chart (4H), ADA/USD has formed a Bullish Flag (typical trend continuation pattern):
As can be seen from the chart, right now, the price is testing the upper line of the flag. If a breakout takes place then the uptrend may resume.
However, in order for the breakout to happen, in the 1-hour chart (1H), the price has to exit the Symmetrical Triangle (typical trend continuation pattern) in the upward direction:
As can be seen from the chart, the price is already in the final part of the triangle. However, there is still no clear signal in which direction the price will exit the triangle. That's why it is better to wait for a clear signal in order to take an action.
To be continued ...
As of the time of writing, one ADA costs $2,19 on the Binance crypto exchange, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last 15 years, and as a cryptocurrency analyst for the last 4 years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
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Would you have like to have seen more strength in Cardano during this recent Bitcoin pump?
The lack of momentum may be a sign that the technical breakout you've shown here is nothing more than a fakeout?
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To be honest, from a fundamental point, I am not bullish on Cardano. With its current fundamentals I don't think Cardno deserves to be the Top-3 cryptocurrency by market cap. So, I am a bit skeptical...
About the TA: The breakout has not happened so far. So, there's no buy signal at the moment. Let's wait and see.
Nevertheless, you know very well that in the financial markets many miracles/strange things happen. For example a cryptocurrency with weak fundamentals or even with no fundamentals like Shiba Inu may bring many surprises. That's why Cardano could be one of them as well.
Posted using Dapplr