Cardano is Looking Very Ambiguous
There have been a few noteworthy events on the Cardano protocol as of late, so let’s take a look at some of them to get a better gauge on what’s going on in terms of its price action.
In the picture above, we can see a heavy downtrend resistance point for
ADA (Cardano).
It appears that the price on the daily is nudging right against that line.
Let’s pan out and get a better look at the support/resistance points on the daily chart for ADA/USD:
Question here is ifADA breaks that downtrend resistance.
It appears to be iffy from what we’re seeing on the chart currently.
The RSI(14) is fairly ambiguous as well:
We can see a little uptrend on the chart above as well.
The RSI Balance of Power indicates massive selling though. The decline is fairly sharp.
This doesn’t preclude an official breakout though. The price could still bust up past the downtrend resistance. However, it’s a gamble to assume such.
Let’s look at the max upside on this move:
However, there is a roadmap update for Cardano that is scheduled on November 1st, 2018.
The last roadmap update (October 4th, 2018) for Cardano didn’t really yield much in terms of price action leading up to the update itself.
In the two weeks preceding the update, there was nothing of particular note going on in terms of price action. Therefore, this next ‘pump’ in the price more than likely will yield the same results.
Here’s what we’re looking at on the 4 hour chart:
The price action is still equally iffy and the RSI(14) is still looking ambiguous.
Conclusion
There’s just not enough information for us to make a definitive decision on Cardano going either way. Therefore, there’s no recommended move to make with this one for the time being.
In the picture above, we can see a heavy downtrend resistance point for
ADA (Cardano).It appears that the price on the daily is nudging right against that line.
Let’s pan out and get a better look at the support/resistance points on the daily chart for ADA/USD:
Question here is if
ADA breaks that downtrend resistance.It appears to be iffy from what we’re seeing on the chart currently.
The RSI(14) is fairly ambiguous as well:
We can see a little uptrend on the chart above as well.
The RSI Balance of Power indicates massive selling though. The decline is fairly sharp.
This doesn’t preclude an official breakout though. The price could still bust up past the downtrend resistance. However, it’s a gamble to assume such.
Let’s look at the max upside on this move:
However, there is a roadmap update for Cardano that is scheduled on November 1st, 2018.
The last roadmap update (October 4th, 2018) for Cardano didn’t really yield much in terms of price action leading up to the update itself.
In the two weeks preceding the update, there was nothing of particular note going on in terms of price action. Therefore, this next ‘pump’ in the price more than likely will yield the same results.
Here’s what we’re looking at on the 4 hour chart:
The price action is still equally iffy and the RSI(14) is still looking ambiguous.
Conclusion
There’s just not enough information for us to make a definitive decision on Cardano going either way. Therefore, there’s no recommended move to make with this one for the time being.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.