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40 percent correction now? From Investing.com




Investing.com – Is that the top now? This question is likely to be bothering many ADA investors at the moment. After all, many cryptocurrencies such as, and have had to put up with some severe price setbacks in the last few days. The rotation of cyber currencies at important key brands is particularly spicy. In this regard, our August 24 warning in the form of the overheated RSI indicator has proven to be correct.

In the meantime, Cardano investors have to focus on the support from the 10-day line (currently $ 2.49) and the former record high of $ 2.46. If the world’s third most important crypto currency in terms of market capitalization cannot defend this zone, further losses to 2.38 would be expected. The May 17 high at $ 2.32 defines the next holding level before the downside potential from a small shoulder-head-shoulders formation at $ 2.17 comes to the fore. A discount potential of up to 13 percent could be determined from this.

On the other hand, it would only become critical on the underside below the $ 1.80 mark. Because in the future, a discount potential of up to 1.50 dollars or 40 percent could be derived from this. Against this background, Cardano investors cannot overestimate the importance of the key brand of 1.80.

Although a correction of 40 percent may seem excessive at first glance, it is not worth mentioning compared to the 900 percent price gain that Cardano would have accumulated since the beginning of the year.

The native crypto currency ADA of the Cardano blockchain remains a highly interesting digital currency. In particular, the upcoming on September 12th, which is all about smart contract integration, gives hope for a bright future if it is successfully implemented.




Note: This article does not constitute investment advice or a solicitation to buy or sell any asset. Nor does the article purport to predict the development of the Cardano price. It is only a subsequent comment on ADA developments, which is intended to inform Cardano investors about the latest crypto news and the technical starting position of the.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy / sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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