The video discusses the altcoin Cardano and its potential as a buying opportunity before an upcoming rally. The coin recently launched a stablecoin which lost its peg to the dollar, but has since recovered. The Cardano price is trading in a bearish pattern with a downside breakout, but is showing bullish signs by breaking above a significant resistance area. Technical indicators warn of a possible rally to $0.5, but a drop below $0.37 could push the coin down to $0.16 in the worst-case scenario. The video concludes by stating this is not financial advice, but for educational purposes.
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Introduction
Hey guys, welcome back to another brand new video! Today, we’ll be discussing a well-known and popular cryptocurrency, Cardeno. With thousands of investors already involved, Cardeno is becoming an increasingly popular choice for crypto investors. In this video, we’ll be answering questions surrounding the purchase and evaluation of Cardeno.
Cardeno and Crypto
Cardeno is one of the biggest altcoins currently available, and it presents a good buying opportunity for investors. However, a pullback could occur before the upcoming rally, which is expected to occur due to important announcements scheduled for this month.
Cardeno’s Current Status
Currently, Cardeno is trading inside a bearish pattern with a downside breakout, but the price is expected to recover quickly after the bearish move. Cardeno is a popular proof of stake smart content platform that released a stable coin called “era” last week. However, the algorithmic stablecoin lost its peg to the dollar. Despite this setback, Cardeno has still managed to recover and form four consecutive weekly bullish candlesticks after a 2020 low of 3 0.239.
Price Analysis and Outlook
The price action for Cardeno is showing bullish signs, with the price breaking above the $0.370 horizontal area, which has acted as resistance and support in the past. The weekly RSI has broken out of a downtrend line, which tells us that there is a short term pullback, but technical indicators warn that a rally to $0.5 is imminent.
Critical Levels and Worst-Case Scenario
Possible causes above or below $0.37 could push the price of Cardeno down to $0.16, which is the worst-case scenario if Bitcoin pulls back towards $20,000. A strong stance above $0.37 is crucial for the short term, and a pullback towards the $0.327 to $0.348 dollar support area is most likely.
Conclusion
This video is not investment or financial advice, but rather for educational purposes only. Cardeno presents a great buying opportunity for investors, especially with upcoming announcements expected this month. However, a pullback could occur before the rally, and investors should focus on critical levels to evaluate their purchases. Stay tuned for more videos, and thank you for watching!
