Cardano rebounded from yearly low. Is it worth buying?
Source:
Cardano is one of the most profitable coins this week, seven days, ADA has risen by 15 percent. Trading volumes of the ADA also increased, which gives hope for the formation of a new uptrend. A detailed analysis of the graphs Aldona spent .
theLatest news
We will Remind, earlier representatives of Coinbase about a possible listing Cardano on its trading platform. Recently the official blog of the exchange has information about adding a new digital asset. We will look at why this asset could be the ADA.
First, the new cryptocurrency on Coinbase must comply with all standards of KYC and AML. Accordingly, the exchange cannot add anonymous cryptocurrency. Second, the project must be decentralized and have a working product.
Now Cardano has only three nodes around the world, but the developers plan to rectify this misunderstanding in the next update of the coin. If ADA will go according to plan, soon, Coinbase will open the project its doors. And as you know, the listing at this exchange almost always is a catalyst for good growth of assets.
theTechnical analysis
On the weekly chart clearly shows two things: the presence of buyers (the attenuation of the volume on the downtrend) and formed a double bottom. The cost of Cardano has fallen by 95 percent during the correction, so cryptocurrency has a place to grow.
On 1-day chart clearly visible scale for the purchase of bulls, they were the reason for a slight rebound on September 25. The market situation looks quite safely, gradually NewsBTC suggest to buy Aldon below 10 cents.
If the cryptocurrency still will break above 12 cents, it is possible to expect growth to 0.2 and $ 0.5. If you are going to open long positions, do not forget to put stop loss.
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