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Cardano’s value might more than double if ADA continues to promote it.
Cardano’s pricing might trap a number of short-sellers expecting a significant price drop.
On the weekly chart, the market is extremely oversold, with some oscillators reaching record lows.
The most likely risks are still the negative ones.
Cardano’s price continues to fall, but there are trading chances on both sides of the market. A breach below the present support level may only result in a brief price drop before a major rally begins.
Cardano’s price is facing a significant uphill struggle, but it is better positioned than most for a surprise rally.
On the weekly chart of Cardano, there is a potential long entry. A hypothetical long entry would include a buy stop at $1.33, a stop loss at $1.20, and a profit goal of $3.00. For the entry to be valid, Cardano must close at or slightly above the $1.33 entry level.
If the entry level is reached, the price of Cardano will be above the 38.2 Fibonacci retracement, the top of the Cloud (Senkou Span A), and the 2021 Volume Point Of Control, which would be a very big positive event. The Relative Strength Index is nearing the first oversold level at 30 and the Composite Index is…
