Cardano has fallen along with the rest of the cryptocurrency market, but outperformed Bitcoin, Ethereum, and many other top 20 cryptocurrencies.
Cardano shattered lower and then recovered
Cardano (ADA) new bull trend begins?
I want to point out a bearish event that happened today: new 2019 lows for Cardano (ADA). The all-time low for Cardano is again on December 15, 2018 at the extreme low of the bear market. Cardano was trading at just 0.02700 that day. The new 2019 low for Cardano is now at 0.03338. As bearish as this event is, there are incredibly bullish signals that Cardano has generated. Cardano posted a loss of almost -13% at a point in time at today’s meeting (November 22, 2019). Since then it has risen to reduce the current decline to -5%. And if you look at the current price development and the current price behavior, it could very well continue to rise. Cardano’s performance against Bitcoin is even more impressive. On my entire watch list, there is the only cryptocurrency that turns green versus Bitcoin, and it is Cardano. Compared to Bitcoin, the value is currently over + 1.25%, which indicates that a large number of people are converting to Cardano rather than Fiat.
The graph above is one we haven’t seen in a while: Cardano’s Bitcoin Chart (ADABTC) As you can see, Cardano has held a very narrow range versus Bitcoin since hitting its new all-time low against Bitcoin on August 9, 2019 has found. Cardano has even surged + 37.63% against Bitcoin since the August low. The thick horizontal blue line directly above the price corresponds to the price level of the 0 / 8th Major Harmonic. It represents the ultimate base and end support for Cardano (technically there are some harmful levels underneath, but I didn’t draw them). Cardano has tested a breakout above this level in the past 110 days of trading. The last test of the 0/8 major harmonics took place on November 18th. Look vertical lines represent the end and the beginning of one law of the vibrational cycle – a 192 day cycle. I’ve never seen a graph that looks like this live. Cardano is the perfect place for price and time. It is traded at the beginning and at the end of a new cycle – but also at the very last level of the major harmonic.
Cardano has never been in a bull phase – it has only been in a bear market and has depreciated since it was launched over two years ago. The decline is vital, however, and the bear market is vital as it appears that Cardano has finally moved into a state where it is valued at fair value against both Bitcoin and the US dollar. The fact that this fits a perfect price and time square is no accident. What does this mean for Cardano? I expect a robust and sustained bull trend in the immediate and long term future. While there is undoubtedly some short-term volatility and downward pressure that we can expect for the rest of November and possibly 2019, the end of Cardano’s bear market is over. The Ichimoku chart also gives us an early indication that the downward move is over. The future cloud is green. The Tenkan-Sen is located above the Kijun-Sen. Both price and chikou range are above the cloud – and chikou range is in open space: a crazy bullish state and the first time since March this year that we have seen these conditions on Cardano’s daily chart.
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