Detailed analysis of ADA (Cardano) with the current price of 1.19 USD

Cardano (ADA)

1. Technical Analysis

Support and Resistance Levels

• Strong Support:

• 1.00 USD: This is an important psychological support level and the recent low.

• 1.10 USD: The nearest support level.

• Strong Resistance:

• 1.30 USD: The nearest resistance level, needs to be broken to rise higher.

• 1.50 USD: The next resistance level, marking the potential for a breakout in the medium term.

2. When to buy ADA?

• Short term:

• Buy at support levels around 1.10 USD or when the price has a slight correction.

• Buy when the price breaks the resistance level of 1.30 USD with high trading volume.

• Medium and long term:

• Gradually buy in the range of 1.00-1.10 USD to accumulate.

• Wait for ADA's price to correct below 1.00 USD if the market experiences strong volatility.

4. When to sell ADA?

• Short term:

• Sell at the resistance level near 1.30 USD to take short-term profits.

• Sell an additional portion at 1.50 USD if ADA continues to rise.

• Medium and long term:

• Take partial profits at levels 1.50 USD, 2.00 USD, and 2.50 USD depending on market developments.

• Hold a portion of ADA to take advantage of long-term growth potential as Cardano expands its ecosystem.

Risk Management Strategy

• Stop Loss:

• Short term: Stop loss if the price drops below 1.05 USD.

• Medium and long term: Stop loss at 0.90 USD if the market weakens.

• Capital Allocation:

• Only use 2-5% of total capital for each trade.

• Divide capital into multiple parts to buy at different price levels, minimizing risk.