Cardano (ADA) like buying Apple at 19 Cents
Updated
How many times you wish that you could have bought Apple at $0.19 a share? It would've been a fabulous ride until now had you been able to do that. There are a handful of crypto's in the market today that have that kind of potential.
Today I want to focus on Cardano, symbol ADA. As I write this Cardano is currently trading at 19.1 cents up 21.27% on the day. I am buying additional Cardano at these prices. I have both short-term and long-term trading goals for this crypto currency. The majority of the Cardano I buy I do not intend sell for quite a long time. About 10% of it I will use to trade on price movement as Cardano continues to move up. I believe that Cardano is a solid investment for anyone's crypto currency portfolio and I even recommend it to my friends who know nothing about crypto as a buy and hold.
Charles Hoskinson founder of Cardano, former CEO_ of Ethereum, has a goldplated resume in Blockchain projects. Hoskinson has assembled a top-notch team of developers. He is a scientist, a proven leader, yet a humble hard-working man, a true professional. He has implemented standards for code development that are unheard of in the block chain world until this time. And he submits the code from his project for outside peer review, another step no one else has taken. This slows the development of the project slightly but increases its solidity in design and construction immensely.
As of today Cardano is approximately 87% off of its all-time high price. It is down about 57% since its attempted price rally in February. The only thing unusual about this is the depth of the price decline in relation to the quality of this crypto. Of course the major driving factor in the price decline is the collapse of Bitcoin's price since December.
The chart:
Looking at my chart I will begin with the descending Bukowski wedge with the upper and lower trendlines in turquoise. Following the rules outlined for this wedge formation we enter a trade when the price touches the bottom line for the third time, this would have been at about 12.3 cents on March 18. While very interested in Cardano, I did not buy even though the signal was given because of the condition of the overall market relative to Bitcoin. Now that it increasingly appears the Bitcoin has formed a bottom and in my opinion will likely move up to at least the 7400 level in this move, I feel it's safe to enter a trade both short-term and long-term for Cardano. The price has crossed the upper trendline of the descending wedge which is a very positive indication, and also closed a daily candle above the nine day moving average indicated by the gray line. Volume is strong, and the RSI is mid range pointing up.
Price targets:
My stop loss is at 13.4 cents. This stop is not for margin trading I do not margin trade. Again I am only trading with 10% of my total position in Cardano which was purchased yesterday. The other 90% will be added to my long-term portfolio. I have additional holdings of Cardano that were actually purchased at higher prices during the decline they are part of my long term portfolio. I will be posting a more in depth review of Cardano along with this price analysis on my website and in my newsletter.
Please, Don't forget to Like Agree, Comment and Follow Me, It's additional encouragement for me to share my work.
All statements and expressions I offer are my opinions, and not meant as investment advice or solicitation. Information provided is not personal investment advice.
Today I want to focus on Cardano, symbol ADA. As I write this Cardano is currently trading at 19.1 cents up 21.27% on the day. I am buying additional Cardano at these prices. I have both short-term and long-term trading goals for this crypto currency. The majority of the Cardano I buy I do not intend sell for quite a long time. About 10% of it I will use to trade on price movement as Cardano continues to move up. I believe that Cardano is a solid investment for anyone's crypto currency portfolio and I even recommend it to my friends who know nothing about crypto as a buy and hold.
Charles Hoskinson founder of Cardano, former CEO_ of Ethereum, has a goldplated resume in Blockchain projects. Hoskinson has assembled a top-notch team of developers. He is a scientist, a proven leader, yet a humble hard-working man, a true professional. He has implemented standards for code development that are unheard of in the block chain world until this time. And he submits the code from his project for outside peer review, another step no one else has taken. This slows the development of the project slightly but increases its solidity in design and construction immensely.
As of today Cardano is approximately 87% off of its all-time high price. It is down about 57% since its attempted price rally in February. The only thing unusual about this is the depth of the price decline in relation to the quality of this crypto. Of course the major driving factor in the price decline is the collapse of Bitcoin's price since December.
The chart:
Looking at my chart I will begin with the descending Bukowski wedge with the upper and lower trendlines in turquoise. Following the rules outlined for this wedge formation we enter a trade when the price touches the bottom line for the third time, this would have been at about 12.3 cents on March 18. While very interested in Cardano, I did not buy even though the signal was given because of the condition of the overall market relative to Bitcoin. Now that it increasingly appears the Bitcoin has formed a bottom and in my opinion will likely move up to at least the 7400 level in this move, I feel it's safe to enter a trade both short-term and long-term for Cardano. The price has crossed the upper trendline of the descending wedge which is a very positive indication, and also closed a daily candle above the nine day moving average indicated by the gray line. Volume is strong, and the RSI is mid range pointing up.
Price targets:
- The first resistance point I see will be when the price encounters the 50 day moving average at about $0.21.
The next less formidable resistance line is at $0.25.
When the price reaches $0.33 there is stronger resistance
40.4 cents is the next resistance line which coincides with the Fibonacci 0.5 level
Next significant resistance line is at about $0.68
I'm setting the short to mid term target price at $1.03
My stop loss is at 13.4 cents. This stop is not for margin trading I do not margin trade. Again I am only trading with 10% of my total position in Cardano which was purchased yesterday. The other 90% will be added to my long-term portfolio. I have additional holdings of Cardano that were actually purchased at higher prices during the decline they are part of my long term portfolio. I will be posting a more in depth review of Cardano along with this price analysis on my website and in my newsletter.
Please, Don't forget to Like Agree, Comment and Follow Me, It's additional encouragement for me to share my work.
All statements and expressions I offer are my opinions, and not meant as investment advice or solicitation. Information provided is not personal investment advice.
Note
ADA is still on track, I'm still adding to my position to HODL.
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