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About Cardano (ADA)
The project was founded by Charles Hoskinson in 2017.
The main motive behind the project was to enhance blockchain performance. Before the project, the bitcoin blockchain and the Ethereum blockchain were the most popular due to how blockchain technology wasn’t advanced. Moreover, the bitcoin and Ethereum blockchain were associated with high scalability and high gas fees during transactions. The Cardano was to serve as a solution to these problems.
The Cardano uses a proof of stake consensus algorithm just like the Ethereum blockchain network. There’s no doubt about how the proof of stake consensus algorithm is more advantageous than the proof of work.
The Cardano project has been extremely helpful for truly a period now despite everything performing well indeed. Very much like numerous other blockchain networks, the Cardano blockchain has its native token Cardano) which was named after the well-known mathematician Ada Lovelace.
The Cardano can be traded on many exchange platforms. This token is ranked among the top 10 altcoins and it’s a privilege an exchange to list the coin on their platforms.
Price data about Cardano
Technical analysis about Cardano
I would make technical analyses on both longer and shorter timeframes. It is always advisable to make a complete analysis before you enter into trade.
Analysis with 1-day timeframe
According to the chart above, the whole momentum of Cardano is bearish. The long-term trend shows a bearish movement. Usually, we should be looking for selling signals when we see a chart like this.
However, the volume at the end of the chart is very weak which signifies a possible trend reversal. More to the point, the price is currently at a support level which means, there could be a possible trend reversal to the bullish direction.
The price is about to break the trendline. If this happens, the reversal would be confirmed.
Analysis with 2-hour timeframe
Analysis from the 2-hour timeframe also suggests a bullish trend.
From the chart above, the market was accumulating. But the price broke above the resistance level which signifies a bullish trend confirmation.
More to the point, the price retraced back to hit the resistance level which is now assumed to be the new support level to the bullish trend.
From the chart above, I have indicated a bullish trendline within the consolidating market which also suggests the beginning of a whole new trend. Hopefully, the price is respecting the trendline. This further confirms the bullish trend.
Analysis on the 30-mins timeframe
The 30 mins chart shows a convincing bullish trend.
The price is currently moving bullish. The price has formed higher highs and higher lows which represents a bullish trend.
Moreover, there is a double bottom formed on the chart which means the beginning of a bullish trend reversal.
what makes this signal so unique is that the numerous confluences have met to confirm the signal which makes me believe this is a perfect opportunity.
Looking at the chart above, we can immediately take the trade and place our stop losses just below the double bottom.
Screenshot from meta trader
Trading in Exness broker account
Conclusion
Today, I made some good profits. I closed the trade as some few pips profits this is because is used good risk management. Talking from price movements, I could have made more profits if I had waited to take profits.
However, the price could have retraced back to probably stop loss. That’s why is very good to take partial profits when necessary.