CARDANO $1.559 MAJOR SUPPORT | ADA Failure while CRYPTO Bullish! Sentiment Is Changing
This big sell off thats been taking place in not even three months, its lost almost 50 percent. So what does this mean for the price moving forward? Is it all over? Is there some signs of support is kaduna going to be breaking to all time highs anytime soon? Well, this video im going to have a look at what the position of cadano is and what i think its going to take to really turn this thing around and put some gains in again. While most of the market, most of the broader crypto market is putting in gains while cadano bleeds so lets dive in and see what its going to take, i will remind you that everything i say is general information. Only you must trade and invest at your own risk and do your own research. Now i am going into kedano today, because on twitter i put a poll out where i was asking. What do people want to see? More of you can see. Ive got some high tech. Technical analysis on twitter be sure to go over there and follow me if you arent already, but i put a poll out to see what people were interested in and kedano won the poll so thats. Why well check out kadano, and i have previously done a bit on kadano before just over two months ago i put a massive moonboy video out on kadano and, as you can see, i had 116 116 target on the screen.
Now, to make this very very clear, i never said it would get to 116 this market cycle. I said that maybe perhaps i was looking at about 7.50, so im going to review what i think of that now, because the market has changed significantly so lets just dive into the chart at the time of doing that. Previous video, yes, that 116, that was just for a bit of fun, but what i was looking at, like i said before was around 7.50, but at the time of doing that, video kadana was trading at 2.70 and at that point it was trading above its previous. All time high, it also put a flash crash in so it was holding in a relatively strong position in the market with technical analysis and the way i look at the charts im, always looking for market structure, solid foundations, all of those kind of things to. Let me know that the market is in fact strong and not weak. So when cardano was sitting at about 2.70, it was looking pretty good. I was using a 50 tool as well, of course, looking at strength and weakness based on what the market had done, but since kaduna had broken down its now well below in the weak zone, its even broken the low from when i did that video at two Bucks, so the market structure has changed significantly, and i actually pointed this out much earlier on than now so its not like im using hindsight after cadance started to break down.
I made a note that its going to probably go on a trading range of about a dollar 80 to 2.50 and unless it can break back above 2.50, which has not been able to do, i wasnt interested in kodano in terms of its probably not going to Be going higher anytime soon, so the fact that the market structure has changed significantly that let me know that this 7.50 target even thats good for the bin, because market structures changed and that prediction was based on the structure at the time. So now that that 7.50 overhead target is in the bin, what does that mean for kadana moving forward? Well, its not all bad news, something ive never mentioned on this channel before, but is critically important? Is your crypto security part of keeping your crypto secure is to first keep your internet secure and with over 6 million users worldwide? This is where atlas vpn comes in use the link in my description below to get the best deal on the market for just one dollar and ‘ cents per month before the deal expires. If you get hacked and your wallets are compromised, youve essentially lost everything. You have worked for developed by cyber security specialist and it engineers atlas. Vpn, has a data breach, monitor and their detection feature scans the internet to ensure your personal details, arent being exposed on the web. This prevents you getting hacked and having your passwords or worse, your personal information stolen use the link in my description below to get the best deal on the market for just one dollar and ‘ cents per month before the deal expires.
Now, if youre, relatively new or brand new to the channel, one of the things that i look at all of the time is the 50 tool, and what that tells me is if the market is strong or weak, based on where its sitting on the top half Of the tool i rate the market as being relatively strong and on the bottom half is relatively weak. So long term, viewers of the channel will know that ive been looking at around two dollars and five cents as being a key price for cardano. So, while its sitting on top of this market, it was in a relatively strong position, but once it broke down, we could see that it did fall back into a position of weakness and since it had been closing below that level, the weaknesses just continued. So i said its not all bad news, but this still looks like bad news. So what am i on about by going to a slightly more macro view of the market? Very big picture: yes, im looking at the range of weeks to months, but if we zoom out even a little bit further and use the same concept of strength and weakness, what does that look like well going to a weekly chart and where cardano is right now, If we look at a massive macro range, we can see that, broadly speaking, the market is still trending up. So, if im putting on the strength and weakness tool gains 50 till from the all time, high 3.
10 down to the low at around, i think it was 2 cents at 1.8 cents. We can see that kaduna is still sitting in the strong half of this tool and, if anything, its just making a balanced correction on its macro range. But the fact that this is a macro range were looking at many weeks and many months. So that just means that we could be in for a prolonged move, at least its going to take a fair bit of time to build back up enough momentum and get to higher prices again. But even so the fact that on this macro range one of its all time, major ranges it is still sitting in the strong half. So this is nothing more than a correction in the very big picture. If it does break down from around this dollar 55, then things could be looking a little bit more tricky or dangerous for cardano. We really want to see this dollar 55. This dollar 50 ive been talking about for many months now. I wan na see the support level hold up and what i was saying is: if a dollar eighty did break down its probably going to go down to around a dollar fifty and thats. What were seeing now dollar eighty gave way just last week and the market is starting to dip so far. It still does seem relatively grim, but it is important to note that it is still strong on this macro range and around 1.
50 is very, very important to watch, and not only is it strong on this macro 50 tool, if we just do zoom in a little Bit more, we can see theres a lot more potential support at around this dollar. Fifty so where cardano has fallen to right now is a relatively good level for a potential base and to go a little bit further with that, if were looking at old, tops potentially becoming new bottoms. This is another gan technique that taught over a hundred years ago. That still works to this day, weve got a bunch of old tops sitting in around a dollar fifty. They could potentially become a new bottom for kidano. So what i really wan na see now is for some support to maintain around the price of around this dollar. Fifty dollar fifty five, because that could build a really strong case for this to be a significant low or turning point. Now there is zero confirmation, yet its only just fallen to this price, but thinking ahead the coming days and weeks, if the support does hold here, it could be a good sign that kadano is building a base getting ready for another move up. So while sentiment is down – and it has been getting increasingly worse – if you just look at some youtube videos or out on social media, the cardano bears by myself ive been poking a little bit of fun at cardano too, but the general sentiment it does seem to Become more fearful and typically thats good for a turning point now, it is still like, i said, very early and theres no confirmation – and this is not a buy recommendation or trading advice, its just looking at whats going on in the space and typically what happens when The markets ready to turn so as long as this fear, you know if it does increase further, but the price maintains relatively stable, thats.
Another good case for kadano to be building a base at this price of around a dollar fifty to a dollar sixty so whats. It actually going to take for cadano to eventually put in higher prices. Well, of course, the price needs to first start moving up and its just not something its done for any prolonged period of time since the top back in september. But what im always looking out for is confirmation – and you know that i love my fifty percent tool, strength and weakness. So for cadano for me to be getting a little bit more excited, it does need to work its way back over this 2.05 level, because otherwise it is still just playing in the weak area on this medium term view that im looking at using this tool. So once cadance can get back above, this 2.05 thats going to be getting into a relative position of strength and obviously the momentum is going to be shifting back to the upside rather than this indecision. You know a little bit of hope and then continued dump. What about this 7.50? Well, like i said earlier, thats off the cards for me now. What i want to see is kadana get back to a position of strength and then, when we can look at where this base comes in this potential base, maybe around a dollar. Fifty to a dollar sixty, then i can project some targets moving forward from there, but theres no point getting ahead of myself right now, because the market is still falling so, like i said there are some good signs of a potential base around where cardano is now So were just going to have to see how the coming days and weeks play out to see if the sentiment does get a little bit more fearful.
We see some panic selling potentially, but that panic selling is snapped up by the pros and smart money because theyre seeing this as an attractive price, its still too early but theres. Some good signs so lets just see how this one plays out as usual, and lets look for some signs of confirmation of some momentum building and some higher prices creeping back up into the strong part of this 50 tool. So if you enjoyed this market update on cadano, let me know get the youtube numbers up drop me a comment: what do you think is this going to be a base for kidano? Is it going to fall further, but anyway well keep track of this one when it starts to move up well start looking at some upside targets again for what this market cycle could do, but until then im watching around this dollar 50 to 1.60. So lets see what happens and until next time ill catch.