fxs_header_sponsor_anchor

Cardano price suggests big moves ahead despite lackluster ADA

  • Cardano price is the worst-performing large market cap cryptocurrency.
  • Eight consecutive weeks of weekly candlestick closes below the open completes Gann’s ‘Death Zone’ cycle.
  • An extremely bullish pattern is developing on the Point and Figure chart.

Cardano price has easily been the most disappointing of the significant market cap cryptocurrencies. It is currently trading lower by 35% from the all-time high it set during the week of September 3rd. Cardano has traded lower by as much as 42% from the all-time high. But bullish price action may be just around the Corner

Cardano price completes a Gann cycle, positions for a breakout on the Point and Figure chart

Cardano price could experience a swift and violent move higher over the weekend. The reason for the spike is not due to the Point and Figure chart alone, but the completion of a critical cycle in Gann Analysis known as the ‘Death Zone’ cycle. Gann described the death zone as any move that lasts around forty-nine to fifty-two days in a persistent trend/direction. Gann warned that markets often experience rapid reversals and/or corrections after this cycle.

Coinciding with the Gann ‘Death Zone’ cycle is the development of the Bullish Catapult set up on Cardano’s $0.02/3-box reversal Point and Figure chart. The hypothetical trade setup is a buy stop at $2.08, a stop loss at $2.00 and a profit target at $2.28. This theoretical trade idea is invalidated if Cardano drops below $1.94.

ADA/USD $0.02/3-box Reversal Point and Figure Chart

Failure to hold the $1.90 level as support could trigger swift selling pressure to the $1.70 value area.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.