Cardano (ADA/USD) Poised for Continuation After Key Trendline Fakeout
Investors in Cardano (ADA/USD) have been given reason to be optimistic after a key trendline fakeout indicating that it may be poised for continuation of growth. Analysts are recommending investors set their stop loss at sub $0.331 to protect against any potential losses.
Mar. 29, 2023 3:38PM
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Investors in the cryptocurrency Cardano (ADA/USD) have been given reason to be optimistic after a key trendline fakeout, reclaiming support and resistance flip levels not seen since 2018. The currency has been trading at -88% from its all-time high, but recent developments indicate that it may be poised for a continuation of growth. The recent development is a descending channel breakout and potential support and resistance flip which could signal the start of an uptrend. Analysts are recommending investors set their stop loss at sub $0.331 to protect against any potential losses. Cardano was founded in 2015 by Charles Hoskinson, one of the co-founders of Ethereum, and is currently the world’s sixth largest cryptocurrency by market capitalization according to CoinMarketCap data. It is built on a proof-of-stake consensus mechanism called Ouroboros which makes it more energy efficient than other cryptocurrencies such as Bitcoin or Ethereum. The currency also has some unique features such as smart contracts, sidechains, and decentralized applications (dApps). Despite its promising technology, Cardano has struggled to gain traction with investors due to competition from other currencies such as Ethereum and Bitcoin Cash. However, if the current trend continues then ADA/USD could be set for a major rally in 2021.