Connect with us
Active Currencies 14762
Market Cap $2,571,850,053,132.10
Bitcoin Share 51.34%
24h Market Cap Change $-0.70

Cardano short-term Price Analysis: 30 September

2min Read
Cardano short-term price analysis: September 30

Share this article

Cardano saw a good surge as the price broke out of the falling wedge. The price surged approximately 26% over the course of 48 hours. Since then, ADA has dropped 10% and in doing so formed another bullish pattern.

Hence, in a short-term time frame, longing ADA would be a good decision.

Cardano 1-hour chart

Source: ADAUSD TradingView

The one-hour chart showed the formation of a falling wedge, which is close to a breakout. Entering long here would yield higher profits than entering at the breakout, although it is with risk.

Apart from the bullish falling wedge pattern, the rationale behind this long position is that the RSI has bounced from the oversold zone and has enough leg space to head higher.

The reducing volume also supports for a breakout of the pattern. Additionally, the Stochastic RSI has formed a bullish crossover on a 1-hour time frame and is yet to form the same on a 4-hour time frame. Hence, we can expect this surge to go higher than actual take-profit levels.

The entry for this long trade would be at the current price of $0.0980 with a stop loss of 4.04% lower at $0.09408. The take-profit for this trade is 3 levels, the first is a conservative level at $0.1048, this would be a 7% surge from the current level. The second take profit level or the actual take profit level is at $0.1068, which yields an R of 2.23 with a surge of 9%.

The third and the final take-profit is at a level higher than the rest and is somewhat a greedy level since this is beyond the top of the wedge, which is a theoretically perfect take-profit or target.

However, considering the pattern is somewhat a variation of a bull flag, the flag pole ends at the $0.1096, hence, a close eye should be kept at this level. To do so, trailing profit can be used to maximize profit up to target 3 and beyond if the price does push higher.

Share

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.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.