Analysis: Will Cardano (ADA) reach €0.35? – BTC Live

Analysis: Will Cardano (ADA) reach €0.35?  - BTC Live

What analysis do you want to see? Every week we will be taking a vote on our social media sites. Here you can vote on the following altcoin analysis. This week, Cardano (ADA) emerged as the winner. Let’s take a look at the course.

main pillars

Since this is Cardano’s first analysis, we will be taking a look at the price on the larger time frames. The chart below shows Cardano’s weekly chart. Where you can see the most important levels at a glance.

The upper yellow area is the current support. This varies between $0.92 and $1.01 (0.81 and 0.89 euros). Price was able to find support here after an all-time high in August. The price is in a awkward place, because if the ADA holds the price here, it could rise further to a new all-time high, albeit prematurely.

Bear script

Don’t panic, but if Cardano falls through that support, things won’t look right. The ADA of course saw a very good rally in 2021, and it’s no surprise that there was a major correction after that (worse than what actually happened). As you can see there is no support of any kind between the two yellow zones and this is risky.

When the price falls through the upper support level, it will quickly drop as there is no support to stop the price. The final stop in this case will be the lower yellow area, at a price between 0.36 and 0.40 dollars (0.32 and 0.35 euros).

Compare with Bitcoin

Looking at the ADA/BTC chart, the latter scenario is not so far fetched.

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This chart shows the most important area of ​​the Cardano so far. It is clear that the price has started a downtrend since its all-time high (with lower lows and lower highs). The yellow zone is the first place Cardano can find support. When this is achieved, the token will have a better entry position, but things are not looking good at the moment.

This chart has been compared to Bitcoin, so it does not necessarily say anything about the price of the dollar or the euro, but it does give an important indication; ADA will be a worse investment than bitcoin for the foreseeable future. In addition, the dollar chart will only look good if the upper support does its work.

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