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I don’t necessarily think that the market is ready to go much higher but keep an eye on other markets such as Ethereum and Bitcoin, as the crypto markets tend all move in the same overall direction.
- The Cardano market has been positive over the last several days, right along with the rest of cryptocurrency.
- However, we have challenged the 200-Day EMA on Thursday, which sits at roughly $0.42 above.
- We have pulled back from that level, and now it suggests that perhaps we are going to see a lot of consolidation between the 200-Day EMA, and the 50-Day EMA below.
Keep in mind that when markets trade between those 2 areas, it does make a certain amount of sense that we go back and forth as people are looking at both short and longer-term swings in essentially both directions. Furthermore, if we were to break above the 200-Day EMA, then it’s likely that we could go to the $0.50 level, but I think we need to see a little bit more effort out there. It’s also worth noting that if you look back at November, there were quite a few sellers in this general vicinity as well, so now we are finally seeing a bit of pushback after the relentless grind higher.
Keep an Eye on Other Cryptocurrencies
I don’t necessarily think that the market is ready to go much higher but keep an eye on other markets such as Ethereum and Bitcoin, as the crypto markets tend all move in the same overall direction. Cardano doesn’t necessarily have a specific reason to go up or down, other than risk appetite. After all, the world seems to be ignoring the Federal Reserve, and as long as they do that it’s likely that we will see a lot of risk appetite being taken into the equation, therefore other crypto markets such as Cardano will attract a certain amount of attention.
Whether or not Cardano has a longer-term future remains to be seen, but it is one of the few crypto coins that actually have real-world use. It is being used in some places like Ethiopia and other parts of Africa, and it seems as if Charles Hoskinson is still looking into the smaller markets around the world in order to find adoption. Because of this, it is very possible that if cryptocurrency and blockchain truly take over everything, I suspect that Cardano will have quite a bit of use. However, at this point, it is still very limited, and therefore I think you have to look at it through speculative investment.
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