Cardano Investors Take Profits, Now What?

In the premium Crypto Insiders environment, current technical analysis is shared daily by experienced analysts. The last period has come Cardan (ADA) Discussed here regularly. In this article, we take a look at this technical analysis and chart the recent developments and expectations for the upcoming period. If you still have questions after reading this article, you can easily ask them in our website discord community. Here, our technical analyzes are usually ready for our members 48 hours in advance.

What is Cardano?

To understand what Cardano is, one must first distinguish between Cardano and ADA. These are two different things. When we talk about Cardano, we are talking about the project and the blockchain platform. In the ADA we talk about associated Cryptocurrency. Cardano is used to receive and send ADA but it also has other functions.

Cardano is a open source A blockchain project is designed with different layers so that developers can build and use different applications on it. Grid was introduced here last summer smart contracts Before.

Cardano’s latest news

Santiment recently announced that ADA investors, who are now selling their coins, have made significant profits. the number of on the chain Transactions on blockchain Executed with a profit against the number executed with a loss at the highest point since the last week of March. After the price of ADA rose by 22% in three weeks, investors have now decided to lock in their profits.

#cardano Sentiment is somewhat positive at the moment, prices +22% in the last 3 weeks. The ratio of on-chain transactions as take profit vs. Selling at a loss is at the highest profit taking level since the last week of March. https://t.co/RfwCmR64gb pic.twitter.com/vsb3OdGskU

– Santimentfeed August 16, 2022

What are Cardano’s predictions?

Whether the above developments have an additional effect on the price depends on a large number of factors that vary daily. After all, the cryptocurrency market is highly subject to economic and traditional events Stock market. That is why it is sometimes difficult to decide when to invest in a particular project. For example, technical analysis can help determine the time frame in which a cryptocurrency is (or could be) exciting to buy or sell.

ADA Technical Analysis Price

A new technical analysis for ADA was recently shared at discord society From Crypto Insiders. This chart shows that based on Elliott wave analysis, an increase towards the red sell zone and then a possible sharp decline is expected. This is because the price forms an ABC pattern where wave C always ends between 100% and 123.2% of the Fibonacci sequence. The first target was around $0.59. After a few days, the price managed to reach this target. ADA’s stock price is up about 20% since the buying zone.

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Buy or sell ADA?

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Disclaimer: investment carries risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and advice provided on this site is based on the insights and experiences of our analysts. So it is for educational purposes only.