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Cardano long-term Price Analysis: 13 September

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Cardano short-term price analysis: September 16

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Crypto-markets, including Cardano’s, have been in limbo for a long time over the direction they are supposed to go. However, since the price isn’t clearly following a trend, it might just be a good time to scalp trade.

At the time of writing, ADA was trading below the $0.1-level and had a market cap of $3 billion. Positioned as the market’s 12th largest cryptocurrency, ADA’s 7-day, 24-hour, and even 1-hour price changes were all positive.

Cardano 4-hour chart

Source: ADA/USD TradingView

Cardano’s 4-hour chart highlighted a small rising wedge, one that is almost ready for a breakout. Regardless, considering the support/resistance levels present, it might be a good time to open a long position here.

The breakout from the rising wedge might push ADA down to $0.0917, however, the support will push the price even higher, which is the rationale for this long position.

Entering the aforementioned long position at $0.09572 with a stop-loss [$0.0894] well below the immediate resistance at $0.0917 would yield a loss of 6.59%. However, if the price reaches the first target at $0.10452, it would mean a 9.17% profit or 1.39R. Additionally, the target would yield a total R of 2.64 or 17.41% profit.

Although the second target does give more profit, it seems tough to achieve considering the 200 EMA on the 4-hour chart. Moreover, the confluence of the 200-EMA with the resistance at $0.10452 would be the perfect take-profit level.

Additionally, the Stochastic RSI was also in the overbought territory, indicating a reversal soon. This goes hand-in-hand with the rising wedge break, as mentioned above. The OBV indicator also formed a rising wedge similar to the price, which was also hinting at a breakout soon.

Moving the stop-loss after target 1 is achieved could help in maximizing the profit should the price hit target 2. Although unlikely, there is a chance the price might hit it as Bitcoin might be hinting at a higher move, perhaps somwhere near $11,000 or $11,100.


Akash is a full-time cryptocurrency writer and an analyst at AMBCrypto. He is an engineering graduate with an avid interest in finance and economics. Attracted to the chaos of trading, Akash has invested in BTC, ETH and XRP for educational purposes.
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