Buying the Retreat in Cardano (ADA) at the 100 Daily SMA
Cardano is finding support at the 100 SMA again, where we decided to open a buy ADA/YSD signal
Cardano was one of the few major cryptocurrencies that managed to continue its bullish momentum in the first half of May, together with Ethereum and LITECOIN, while the rest of the market, including Bitcoin, was stagnating.
In fact, Cardano doubled in value during the first two weeks of May, increasing from around $1.26 to $2.46. But then the crash came and the ADA/USD tumbled lower. The price pierced the 100 SMA (green), but it pulled back up, so the 100 SMA remains as a support indicator.
This moving average has been acting as the ultimate support since late April, and it continues to do so, despite having been pierced many times. Right now, the price is trading just above this moving average, after coming down from the 50 SMA (yellow) on the daily chart. The 100 SMA seems to be holding again, which prompted us to open a buy signal in Cardano, so we are long on this cryptocurrency as well now.
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