Despite the past weeks, Cardano ( ADA ) has not been able to create a new peak of the year while many Altcoins recorded significant increases. But medium-term bullish signals have appeared. ADA could correct but likely open up good buying opportunities towards the end of 2023.
Here are ADA price analysis updates, from BeInCrypto.
The current phase may no longer be a bargaining phase with the ADA
Bargaining psychology in investing is necessary for investors to have a good position. But in some specific periods, bargaining too meticulously can cause investors to miss opportunities. Instead, deciding to consider allocating Capital to buy gradually will help investors both buy more and buy a good position. Maybe ADA is just such a stage.
4-day ADA price analysis with Super Trend and Volume Profile.- First, ADA has formed a large accumulation zone that has lasted for the past 1.5 years. This accumulation zone is confirmed by the large Volume profile indicator and the sideway amplitude between 0.20 USD - 0.40 USD. Many Altcoins that have recently recovered have come out of their own accumulation zones, but ADA is “not yet”.
- ADA 's 4D frame Super Trend indicator has turned green. And the support zone that this indicator identifies is 0.28 USD. ADA can completely fall here even though it has approached the resistance of 0.40 USD this November.
In a situation where ADA successfully escapes the accumulation zone, the level of 0.60 USD is a modest level that ADA can achieve. This price is consistent with technical analysis measurements, and is also within the large Volume profile area of two consecutive years.
The technical signal that once confirmed the uptrend for ADA has reappeared
If we narrow the observation time frame from 4 days to 2 days, we can see that the technical signal that once confirmed the uptrend for ADA has reappeared.
2-day ADA price analysis with EMA34 and EMA89.It is a cross between EMA34 and EMA89 in a 2-day (2D) frame.
- This cutting phase is the signal that started the uptrend of ADA in May 2020, meaning that the first phase of the uptrend brought ADA to a peak of 3 USD. Now this signal reappeared and was confirmed this November.
- From here, the plan to gradually buy ADA becomes more hopeful. The gradual buying of ADA until the signal support at the 0.30 USD area is equivalent to the suggestion of the above 4-day frame Super Trend indicator.
By gradually buying like this, investors can have an ADA holding position as low as 0.30 USD, and the first target level is 0.60 USD. The second Target may be even further away depending on the general market, but the x2 plan before February 2024 (ie Lunar New Year) is worth XEM .
Also Read: Top exchanges to buy/sell Cardano (ADA)
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