CARDANO - Potential retest in the short-run for higher targets
Hey everyone,
I'm back with another analysis. This time, we're going to tackle Cardano.
Fundamental-wise, today is a big day for Cardano. The network's native token ADA will launch on BitPoint in Japan.
For technicals, price action went down most likely due to Bitcoin impacting the price of Cardano but there's also the fact of buying the rumor and sell the news phenomenon.
However, there's the Alonzo hard fork (update on the blockchain's protocol) coming this 12th September. The fall is expected to be short and we have a high chance that the hype for the hard fork.
So what's the target for a potential buy?
A safe buy would be at the 2.47$ zone for a safer accumulation or long. A stop loss at 2.35 is recommended.
Hope you enjoy this short-term analysis
I'm back with another analysis. This time, we're going to tackle Cardano.
Fundamental-wise, today is a big day for Cardano. The network's native token ADA will launch on BitPoint in Japan.
For technicals, price action went down most likely due to Bitcoin impacting the price of Cardano but there's also the fact of buying the rumor and sell the news phenomenon.
However, there's the Alonzo hard fork (update on the blockchain's protocol) coming this 12th September. The fall is expected to be short and we have a high chance that the hype for the hard fork.
So what's the target for a potential buy?
A safe buy would be at the 2.47$ zone for a safer accumulation or long. A stop loss at 2.35 is recommended.
Hope you enjoy this short-term analysis
