27/10/2024
Cardano is not in the same situation as many of the Crypto-giants, we can clearly see that it is already trading at bottom prices compared to the others, so, how do I approach this pair? Is it too late to sell? Should I just hold?
Here is the thing, Cardano is not trading at the same levels at which it traded back in February or March 2024 like Bitcoin or Binance Coin, instead, it is consolidating at the same November 2023 level. The early August 2024 drop wick activated the same prices at which ADAUSDT traded in August, June and July 2023, only the September and October 2023 support levels remain untested.
The question to answer is how to approach this pair.
The drop is already quite advanced and we can say that 80 to 90% of the correction is already over for this pair.
For a really big holder, selling here can be risky. A really big holder would be wiser to enter the accumulation mindset.
A new drop on Bitcoin and a major marketwide flush would still push Cardano lower, but this wouldn't be a super strong drop and it would be a super quick drop lasting only a few days or maximum a few weeks, then we would see a long-term recovery. (Even though a wick can pierce the last major low, but this wouldn't change the bigger picture.)
So I wouldn't recommend selling here because I already recommended selling, many times, around March 2024. Prices are already pretty low for ADA, we are already in the accumulation zone. For this pair, we would buy always focusing on the long-term. Buy now and hold. If it drops, buy more. Then buy, buy, buy, buy, wait, buy, wait, until the next bull-market enters in full swing. If you didn't sell, I would say it is too late. But a short-term trader can do some risky moves here but there are other pairs in a better situation for a SHORT trade.
My map says another drop. Slow recovery action between November-December-January-February and maximum bullish speed in March 2025. So we still have plenty of time.
If you held this long, waiting a few more months won't make much of a difference. If you have to buy, you can wait a bit longer and better price might be present in a matter of days. So either bear or bulls are recommended to wait.
➖ Short-term action calls for more consolidation with bearish tendencies.
➖ Mid-term and long-term action calls for sustained growth.
