Cardano (ADA) has been moving sideways for weeks now. Since early March, the price has been stuck between $ 0.51 and $ 0.77. At the time of this post, ADA is trading about $ 0.72. It is in a quiet area, but this may change soon.
Many merchants are closely watched, and they wonder if it is now time to invest or wait for a stronger sign. Let’s dismantle what is happening at the ADA price and if it makes sense to invest $ 1,000 at the present time.
A bullish pattern is formed on the Cardano scheme
Now, there is a pattern that is formed on the graph called Reverse head and shoulders. This is usually a sign that the trend may be reflected from landing to climb. The left shoulder and the head are already complete.
The right shoulder is formed now. If the price is able to break the neckline, which is about $ 0.77, this may lead to a gentle move.
But do not expect to double or three times overnight. There is a large resistance level that has been hindering Kardano since November. If the price broke out today, the next goal will be the trend line, which is about 30 % higher than here. This is the real level that we need to see Ada moves before we say that the trend has completely turned up.
So, if you are considering buying now, it may be smarter and see if Ada exceeds $ 0.77 first.
What do ADA indicators say?
Looking at the indicators, things tend to climb a little. The RSI is about 61 years old. This means that the market still has room for growth before it excels. It is a positive sign, but not a guarantee.
The moving average for 50 days is currently less than the price, and this may help support the next upward step.
On the other hand, the moving average for 200 days is higher than the price and works as a resistance. Interestingly, this resistance is about $ 0.77, the same level we are talking about. For this reason this region is very important. If ADA is pushed through it, we may see an appropriate outbreak.
Short -term traders can wait for a clean collapse of more than $ 0.77 before jumping. In the long run, investors may see this is a good entry area, but they should be ready for some climbing and landing along the way.
So, is the time to buy ADA for $ 1,000?
This depends on the type of investor you are. If you are looking for a short -term step, it is better to wait until ADA explodes more than $ 0.77 and shows a strong momentum.
If you are a long -term believer in Kardano and are not very worried about short -term fluctuations, this may be a suitable place to buy slowly. Just be aware that the price is still inside a group, and there is nothing certain yet.
Also read: Is Cardano dead? La – Price Ada is quietly built towards a new explosion
The total encryption market began to look more up, and if Bitcoin continues to rise, Ada may also benefit from it.
If you are fine with the current uncertainty and believe in the project, search for it. But if you want more confidence in this step, wait for the collapse above $ 0.77. Then things can begin to move.
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