FieryTrading, an analyst on TradingView, has provided insights on Cardano’s potential for upward movement despite recent events such as a DDoS attack and upcoming network upgrades. The analyst suggests that there is a possibility of a top during the next bull cycle, although it is not highly probable. However, the risk/reward ratio of 116 makes it an attractive opportunity for traders. The suggested entry point is near the support of the channel.
FieryTrading’s technical analysis of Cardano against Tether (USDT) on a weekly timeframe reveals an upward trend channel that has been in place since mid-2020. The potential bullish target is set at $24.5800, representing a significant increase from the current price. The stop-loss level is placed at $0.2110, indicating a potential decrease in price. The high risk/reward ratio suggests that the potential rewards outweigh the risks involved.
While FieryTrading is bullish on Cardano, other technical indicators present a mixed picture. The Relative Strength Index (RSI) is approaching oversold territory, indicating potential buying opportunities. The Moving Average Convergence Divergence (MACD) line is slightly below the signal line, suggesting a bearish trend, but the minimal difference suggests a potential shift in momentum.
Cardano has demonstrated resilience amidst a recent DDoS attack, thanks to its decentralized architecture and robust security measures. The founder of Cardano, Charles Hoskinson, has announced that June will be a pivotal month for the blockchain, with the release of Cardano node 9.0 and the much-anticipated Chang fork. These upgrades reflect Cardano’s commitment to continuous improvement and resilience.
As of now, Cardano is trading at $0.3914, with a 24-hour trading volume of $245,079,789.90. The price has seen a 1.00% increase in the past week.
Disclaimer: This article provides informational content and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
