Cardano fell below the recent support line. What's next?
Source:
Cardano is a relatively young project, and the team of developers is still working according to plan and pleases its investors. In the modern stock market at least a real start — is a rarity. Unfortunately, the price of tokens ADA are unable to resist a strong decline during the bear market. NewsBTC analysts are predicting a continuation of the drain, but will it really?
theLatest news
The team Cardano increasing competition. No, it is not «squabble for power», and a healthy attempt to bring the project to full decentralization. Creator Cardano Charles Hoskinson managed to shift as head of the Cardano Foundation Michael Parsons, who was disappointed by the «poor performance».
The Babylonian Capitivity of Cardano has Ended
— Charles Hoskinson (@IOHK_Charles)
A Few days ago, Hoskinson said that the organization will continue «cleaning staff», in which Cardano Foundation needs to restore its image. Occurring within the project impressed analysts Weiss Ratings and they ADA is one of the best altcoins in the entire stock market.
theTechnical analysis
Scale 1-weekly chart of ADA «drew» a new low, falling from 7.5 per cent in the last week. Currently, almost all technical indicators (in the medium term) indicate a total domination by the bears over the market.
image Source — NewsBTC
Because Of yesterday's rapid fall of Bitcoin Cardano fell below 5 cents, this level was the last line of support for customers. At the moment the asset trying to find a new bottom for the stage of accumulation.
On 1-day chart clearly shows the break of the local downtrend, however, this weak attempt to growth did not end with success.
image Source — NewsBTC
Now, the cryptocurrency is at the level of 4.7 cents, so in this situation to open long positions very dangerous. Talking about the beginning of bullrun after growth above 9.5 per cent.
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