Is Cardano about to go up 1600%?
Fundamental Analysis: Cardano seems to be working in a cyclical manner, where it has a bull run for a year, then a bear run for a year. Every bitcoin halving year is when the bull run happens. We had the bitcoin halving in 2020, and we will have another halving in April 2024 making me believe that we are in a bull market.
Technical Analysis: The Stochastics RSI does not seem to be reliable during a bear market as it reached oversold, but price continued to go down. However, during the bull market, every single time the Stochastics RSI reaches zero, it was a great buy. Currently the Stochastics RSI is at 11, meaning that price needs to go down slightly more in order for the Stochastics RSI to reach zero. The 34 SMA (the green line) has proven to be a great moving average to buy on during the bull market and it is currently at $0.375.
Summary: The bitcoin halving cycles indicate that we are currently in a bull market. During a bull market if the Stochastics RSI is zero and if we fall to the 34 SMA, that has historically been an great buying opportunity, that would equate to a price of $0.375. Assuming it breaches all time highs, it could reach a price of $6(according to Fibonacci retracement)which would mean Cardano may go up 1600%.
Technical Analysis: The Stochastics RSI does not seem to be reliable during a bear market as it reached oversold, but price continued to go down. However, during the bull market, every single time the Stochastics RSI reaches zero, it was a great buy. Currently the Stochastics RSI is at 11, meaning that price needs to go down slightly more in order for the Stochastics RSI to reach zero. The 34 SMA (the green line) has proven to be a great moving average to buy on during the bull market and it is currently at $0.375.
Summary: The bitcoin halving cycles indicate that we are currently in a bull market. During a bull market if the Stochastics RSI is zero and if we fall to the 34 SMA, that has historically been an great buying opportunity, that would equate to a price of $0.375. Assuming it breaches all time highs, it could reach a price of $6(according to Fibonacci retracement)which would mean Cardano may go up 1600%.
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