Weekly Price Overview: Cardano

Opinions

Date: 25.04.2018

ADA/BTCThe ADA/BTC pair has a short but volatile history. From the lows of 0.00000254 on November 02 of last year, it skyrocketed to an intraday high of 0.00009180 on January 04 of this year. That’s a staggering return of 3514 percent within a span of about two months.

Thereafter, from there, it entered into a downtrend, which saw it plunge 81 percent from the highs to 0.00001673 on March 18.

What can the investors expect from here on?

For the past five weeks, the digital currency is in a pullback, which has reached close to 23.6 percent retracement of the fall from 0.00009180 to 0.00001673.

After such a sharp decline, a ‘V’ shaped recovery is unlikely because traders who had purchased at higher levels and were watching their portfolio sink to a huge loss would bail out once their buy levels are reached.

Similarly, short-term traders, who have purchased near the lows will also book profits on rallies.

The important levels to watch out on the upside are 38.2 percent Fibonacci retracement level of 0.00004541 and the 50 percent retracement levels of 0.00005427.

The start of a new uptrend can be confirmed only after the next decline towards the recent lows. A range bound action for a few weeks is also possible, which will be a positive sign. Longer the time spent in forming a base, larger will be the ensuing rally.

Let’s see how to use the levels above for trading.

https://altcointoday.com/weekly-price-overview-cardano-april-24/

Views: 39

Leave a request

Select option
Thank you, application submitted.