Cardano has since 20./21. July showed great price strength. Almost a 148% gain! I would not have expected such a price increase. I totally missed it because I was more focused on other cryptos. It seems obvious that Cardano is working hard to strengthen the foundations of their blockchain platform by making it more future proof.
I understand a lot of people are looking to buy Cardano right now. However, I would not recommend it in the short term. There is a downside to any rapid price hike. Likewise Bitcoin won these days and achieved important levels of support. I want to buy Cardano, wait for the price to drop, and try to get in at a lower price.
I have highlighted three buy zones in the chart. The lower the buy zone, the greater the chances of a big jump up. The first buy zone is around $ 1.88. The second buy zone is around $ 1.6 because this is the support of the previous trading range that lasted almost 6 months … The third buy zone is around 1 – $ 1.12 which I think would be a no-brainer to get started with should.
So … I expect some downward momentum from Cardano as the price has already increased so much. So a short position would be wiser in my opinion. Likewise Bitcoin tends towards an important resistance that could lead to a downward momentum for altcoin as well. The buy zones indicated in the chart could help to find a new entry after a price decline in Cardano.
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