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Cardano (ADA/Tether) Technical Analysis: Ride The Bull

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Cardano
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Cardano, along with most of the popular cryptocurrencies, hit its most recent low of the crypto bear market on or about the last week of March 2018. Since then the cryptocurrencies have been on a rebound that marks the first indication that the cryptocurrency market may be stabilizing, and once again turning bullish. However, one bounce off the bottom does not mark a reversal. Cardano bounced off its local lowest close of $.14266605 on March 29, 2018. Over the entire month of April, it has traded in a steady upward trajectory with very light dips to a high of $.38845159 on April 29, 2017, as displayed in Chart #1 below.

CHART #1: ADA/Tether Daily

Another notable attribute of the daily chart is the diminishing volume as price increases from the bounce off the low to the current price. An upward price movement of this type accompanied with increasing volume would be a strong long entry setup. This situation, as tempting as it may seem to enter long on the next dip, may be setting up for a short position. Chart #2 below displays a 60-minute price chart and delves into a more in-depth analysis that serves to confirm the upcoming retracement.

CHART #2: ADA/Tether 60-minute

Chart #2 included a moving-average convergence-divergence indicator (MACD). On the last two price swings for Cardano, the MACD indicator has accurately picked up convergence for the downward price swing and is currently displaying the price/MACD divergence pattern that the price action for Cardano is in the midst of completing. This price pattern, along with the diminishing volume is a very strong indication that the current upward price movement is about to “run out of steam.” This is a good short signal with a profit target of about a 50% retracement, from the low where the upward price move commenced, and a stop-loss of a 1-to-1 ratio or tighter.

Once the retracement begins, careful ongoing inspections of the volume patterns should be conducted. If the retracement stays at least 25% above the last local low of $.14266605, then the possibility that a genuine reversal is taking place becomes more realistic.  As the volume patterns begin to favor upside movements, and indicators begin triggering long entry setups, taking a long position will be a prudent move. Cardano is still priced very low at $.373398 in spite of the fact that it’s currently ranked #6 on the list of cryptocurrencies in terms of Market Capitalization with a market cap of $9.681Bil. It is also ranked 9th in terms of trade volume as of May 2, 2018. When the Crypto Bull Market returns, Cardano is well positioned to “Ride the Bull.”

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Mike Langhorst via Flickr

Chart courtesy of tradingview.com

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How Can Foreigners Get Loans in Singapore

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loans for foreigners in Singapore
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Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

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