- Market cap: $1,928,057,452
- Total supply: 31,112,483,745
- Circulating supply: 25,927,070,538
- Daily volume: $44,902,483
ADA heading downwards
Cardano has had quite a decline, even if we take the downtrend of Cryptocurrencies into consideration. With big resistances coming at $0.079 and $0.083, it will have a hard time outperforming other Cryptocurrencies in their potential upwards move. So how do we trade ADA/USD?
To be quite frank, there is only one possible trading scenario. ADA will be underperforming or matching the upward moves of Cryptocurrencies, and outperforming them in the downwards moves (at least in the near future). We advise taking a small size short or staying out of this Cryptocurrency in general. Entry point should be a fail of breaking through the $0.079 resistance line, and there is no set goal to take profits. Stop-loss should be set either at $0.085 (less risk) or between $0.083 and $0.0845. We do NOT advise taking long entries when it comes to Cardano until it comes back over its resistances, and confirms them as clear support lines/areas. Overall Cryptocurrency bearish sentiment further adds to this thesis.
Long-short portfolios are advised to take a small-sized short position in ADA/USD. However, and other form of trading that includes this pair is too risky to open up. Therefor, being extremely careful is a must in these unstable markets. Short positions are favored in the market, and that’s why this trade is considered.