Analytics
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After several weeks of sideways market trading, the cryptocurrency sector has regained upward momentum. In this regard, investors are interested in the future movement of one of the largest cryptocurrencies, Cardano (ADA).
Based on the chart, Cardano may be in a “long-term, high-volume buy-for-investment area,” crypto expert and analyst Michael van de Poppe noted Oct. 30.
As the expert explained, the critical area to hold in order to break the downtrend is around $0.4103:
It may even be the low of this bear market.
Cardano price action analysis. Source: Michael van de Poppe.
Along with this, the ADA technical indicators are in the neutral zone as they point to a “neutral” sentiment at 8 with a level of 8 on “buy” and “sell” at level 10. After further breakdown, the oscillators indicate sell at 3, a neutral position at 7 and only 1 to buy.
Taking Cardano’s moving averages into account, the technical indicators suggest a “neutral” sentiment at level 1, with both sell and buy sentiment at level 7, from TradingView as of October 31st.
Summary of technical analysis of Cardano. Source: Trading View
At press time, Cardano was trading below Van de Poppe’s $0.45 area, posting zero daily and weekly gains of 11.8%.
7-day Cardano price chart
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