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October 4, 2022
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Guide & Analysis

Cardano to the moon: Market corrected, ADA did not!

Cardano to the moon

From September / 2020 to ADA has grown more than 1900% and kept the price stretched for almost a month with an overbought in the RSI.

Graph by Trading.View

The price is stretched!

But that does not mean that there will necessarily be a retraction. The project is on schedule (roadmap) and next March 1 (the day after tomorrow) we will have a fork at Cardano:

The “Mary” protocol (which will require a hard fork) will be applied to the mainnet on March 1, noting that it is another important milestone in the launch of #Goguen. In a tweet, the company that develops the Cardano protocol (ADA), explained that “The update features native tokens and supports multiple assets, bringing interesting new use cases to #Cardano”.

And what happens now with the ADA?

Cardano’s price is sailing at High Historical (ATH) levels, so we don’t have a reference history to chart a resistance target. With that, we need to resort to Fibonacci:

  • Continuing to rise, the 100% fibo level since a last fund at $ 0.24 was playing 100% at $ 1.43 which has already been reached. The next target would be 161.8% fibo at $ 1.89.
  • A retraction would be in the last fund with several touches around $ 0.82.

This retraction represents a drop, from the current price, of 43%. Which would not be at all desperate since the crypto has already risen 1900% in less than 6 months.

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