Cardano gets its first DEX within the next weeks 🚀🚀🚀 5$+?

7 нояб. 2021 г.

Intro:
- Cardano is one of Ethereum's main competitor and addresses some major issues that pains Ethereum like scalability and gas fees.
- Finally smart contracts are running on the Cardano chain and the ecosystem can start to bloom .
- So far Cardano is lacking a working DEX which seems to hold back the whole ecosystem.


Daily chart:
- Price shows a consolidation pattern that has its apex around 2$. Once we break the yellow line we expect more upwards movements.
- Overall Volume keeps declining which is consistent with the price consolidation.
- RSI analysis shows that we are oscillating below the 50 line.
- Moving Average: The 200MA comes to help and can act as support to break above the yellow line.
- Fibonacci levels show the region between the 0.5 and 0.6 lines hold as support. As long as we hold the 0.6 line we don't have to worry about a bear market movement.
- Support lines are at 1.9$, 1.4$ and 0.7$. The ascending yellow line can act as support as well.
- Resistance lines are at 2.3$ and 3$.


Expectation:
- Sundaeswap announced that their DEX will be ready within the next two weeks. This most likely will trigger another rally for Cardano and with it possibly the whole ecosystem (like COTI, ERGO etc.).
- Until we get a working DEX on Cardano we might extended consolidation into the apex of the forming triangle.
- End of the year prediction: We will see a 5$+ Cardano before the end of 2021. Due to the fact that Cardano performed very badly during the last month we changed the 8$+ prediction to 5$+.



Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place

Enjoy the ride and don't be too greedy.
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ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Specials:
- Boxes represent either entry zone or support zone . Check the description.
- Cameras represent MA crossings. Yellow camera stands for a golden cross while the cyan camera stands for a death cross.