Cardano has fallen along with the rest of the cryptocurrency market but it outperformed Bitcoin, Ethereum, and many other top 20 cryptocurrencies.
Cardano smashed lower, then recovers
Cardano(ADA) new bull trend to begin?
I want to point out one bearish event that happened today: new 2019 lows for Cardano (ADA). The all-time low for Cardano is back at the extreme low of the bear market on December 15th, 2018. Cardano traded as low as 0.02700 on that day. The new 2019 low for Cardano now sits at 0.03338. As bearish as that event is, there are incredibly bullish signals that Cardano has been generating. Cardano printed nearly a -13% loss at one point during today’s session (November 22nd, 2019). It has since rallied higher, to trim the current decline to -5%. And from looking at the current price action and behavior, it could very well push even higher. Cardano’s performance against Bitcoin is even more impressive. On my entire watchlist, there is the only cryptocurrency that is showing green against Bitcoin, and Cardano is it. It is presently up over +1.25% against Bitcoin, indicating a large number of people are converting into Cardano, rather than into fiat.
The chart above is one we have not looked for a while: Cardano’s Bitcoin chart (ADABTC) As you can see, Cardano has kept a very tight range against Bitcoin since finding its new all-time low against Bitcoin on August 9th, 2019. Cardano has gained as much as +37.63% against Bitcoin since the August low. The thick horizontal blue line just above price is the 0/8th Major Harmonic price level. It represents the ultimate bottom and final support for Cardano (technically, there are some harmful levels below, but I have not drawn them). Cardano has been testing a breakout above this level for the past 110 trading days. The most recent test of the 0/8th Major Harmonic was on November 18th. Look vertical…