After a spectacular decline in 2019, Cardano (ADA) has likely bottomed and may soon post a major reversal. Noted cryptocurrency analyst Crypto Loomdart (@loomdart) is waiting for a confirmation at 472 sats to go long.
Cardano holders have been through a lot of pain in 2019. Not only is ADA one of the worst-performing top cryptocurrencies of the year, but also had the steepest drop from its all-time high. Cardano is currently some -96% from its all-time high price point.
However, a reversal may soon be on the horizon—at least, according to note cryptocurrency charter and analyst Crypto Loomdart (@loomdart). On August 31st, he tweeted that he “wouldn’t feel comfortable holding ADA” unless it posted on 4H candles above 472 sats.
— Crypto Loomdart (@loomdart) August 31, 2019
However, that moment may soon be upon us. Oscillating around the support area, Cardano has been following a long descending line since March 2018. It has since broken this line which is a positive sign. Crypto Loomdart is now waiting for confirmation above 472 sats and then is going long until the 700s.
$ADABTC gonna post a few charts here
LOOONG term looking rather bull to me IMO, short term waiting for it to take 472 sats before chad longing all the way to atleast 700s pic.twitter.com/aWu2qI1l7t
— Crypto Loomdart (@loomdart) September 7, 2019
Of course, it is still possible that ADA breaks further below its current support level. However, by all indications, it seems to have bottomed out—especially considering it has broken its descending line. It seems that ADA may soon have a relief rally in the short-term. That’s why Crypto Loomdart is going long if ADA posts more positive indicators in the days ahead.
It all depends if the bulls can muster up enough strength to bring ADA trading convincingly above 470 sats. If so, we may see some significant price action upwards. Just bear in mind, though, that all of these indicators could easily be invalidated if Bitcoin posts a major price move. So, watch Bitcoin and judge accordingly.
Do you believe ADA is due a relief rally in the short-term? How long have you been holding ADA? Let us know your thoughts in the comments below. While you’re at it, take a look at our guide on the best cryptocurrency exchanges for trading Bitcoins.
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