Posts

๐Ÿ“ˆ Daily TA: Cardano (ADA/USD) | 29-11-2021

avatar of @cryptospa
25
cryptospa
@cryptospa
ยท
ยท
0 views
ยท
2 min read

All Time HIVE and hodl, dear members of LeoFinance!

Today, I would like to comment on the chart of the Cardano.

In the weekly chart (1W), ADA/USD has formed another bearish candlestick: Thus, the sequence of candlesticks with descending local highs and descending local lows, respectively, continues. This is a clear signal that in the weekly time frame the bears continue to dominate the market.

Now, let's have a look at the daily chart (1D), where the price is starting to test the trend line: As can be seen from the chart, the trend line is heading upwards. So, the uptrend still remains in place. But, the price is starting to test the stability of the trend. That's why this is a very critical moment for the price of ADA.

Moreover, in the 4-hour chart (4H), the picture is bearish as well - there is a downtrend: Even, as can be seen from the chart, the last Descending channel is has a very steep slope - an indication of accelerating bearish pressure.

Now, let's get back to the daily chart (1D) and add the three key Moving Averages, namely, the 30-day Moving Average (MA 30), the 90-day Moving Average (MA 90), and the 360-day Moving Average (MA 360): As can be seen from the chart, the price is under solid bearish pressure. It has dropped below MA 30 and MA 90. Also, let me remind you that about a month ago a Bearish Moving Average Crossover took place - MA 30 dropped below MA 90. So, the picture is really bearish in all key time frames. But, I would like to include in my analysis the one-year MA (or MA 360). As can be seen from the chart, right now, the price is at MA 360. This MA is the strongest support in the daily time frame. It would be nice if MA 360 provides enough support for the price of ADA and stops this decline.

To be continued ...

As of the time of writing, one ADA costs $1,616 on the Binance crypto exchange, according to TradingView.

A few words about me:

Just to let you know: I've been working professionally as a currency analyst for the last 15 years, and as a cryptocurrency analyst for the last 4 and a half years.

Important!

Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.

Check @crypto-guides to learn about the essentials of the major cryptocurrencies.

Join the crypto exchange Bittrex: https://bittrex.com/Account/Register?referralCode=3GB-QAJ-BMW

Posted Using LeoFinance Beta