Cardano tried to rally a bit on Tuesday but gave back quite a bit of the gain. At this point, it looks as if the market is trying to threaten the $0.45 level underneath, which is an area that has been supportive multiple times. The $0.45 level has been important for a couple of weeks in a row, but I do think it’s only a matter of time before breaking through there. If we do slice there, then it’s likely to go looking to the $0.20 level after that.
The 50-day EMA sits above the $0.60 level and is sloping lower. It looks as if we are going to continue to see plenty of sellers on rallies, so I don’t have any interest in trying to get long. If we do break above the 50-day EMA, then we could recover to the $0.80 level, but it seems to be very unlikely to pick up that type of momentum while the rest of the crypto markets are so disastrous.
Furthermore, Cardano seems to have no real momentum going forward as far as completing some of the projects is concerned, and it’s taking a ton of time to make all of these things happen. Because of this, the market is likely to continue to get punished much more than many of the other projects out there, and at this point, there are a lot of questions as to whether or not Cardano is ever going to get it all together. Do not get me wrong, I believe that the Cardano project has a lot of potential, but at this point in time it’s not living up to it. Furthermore, money is not looking for speculative places to go to work, so Cardano is going to continue to suffer at that point. I believe that anytime Cardano rallies, you need to be looking at it as an opportunity to start shorting again, as the trend is so firmly ensconced. Furthermore, when you look at the chart, it is almost a textbook example of what a downtrend should look like. I believe $0.20 will be targeted over the next several weeks, and perhaps even lower than that. There are currently no crypto markets I’m willing to buy.
