Cardano price saved by Sundaeswap? First DEX in the next days🚀Intro:
- Cardano is one of Ethereum's main competitor and addresses some major issues that pains Ethereum like scalability and gas fees.
- Finally smart contracts are running on the Cardano chain and the ecosystem can start to bloom .
- So far Cardano is lacking a working DEX which seems to hold back the whole ecosystem. But now finally Sundaeswap announced that it will go live during the next days.
Daily chart:
- Price took a heavy hit and even retested the 1.45$ support line which did hold so far.
- Volume sees a spike today and some increase during the last days.
- RSI analysis shows that we are very low at the moment and have a lot of upwards potential.
- Moving Average: We are about to form a death cross between the 50MA and 200MA. Let's see if price action can avoid this.
- Support lines are at 1.4$ and 0.7$. The ascending yellow line can act as support as well.
- Resistance lines are at 1.9$, 2.3$ and 3$.
Expectation:
- Sundaeswap announced that their DEX Testnet will go live during the next days.
- This could boost the whole ecosystem and approve smart contracts on the cardano blockchain.
- End of the year prediction: We will see a 5$+ Cardano before the end of 2021. Due to the fact that Cardano performed very badly during the last month we changed the 8$+ prediction to 5$+.
Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
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Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Specials:
- Boxes represent either entry zone or support zone . Check the description.
- Cameras represent MA crossings. Yellow camera stands for a golden cross while the cyan camera stands for a death cross.
