Cardano (ADA)
By Thu, Jul 8, 2021
Over the last couple of weeks, I’ve been eying Bitcoin as a low-risk, high-reward play.
Today’s Chart of the Week also comes from the crypto space.
With deterioration in stock market breadth, bonds getting a bid, and advance-decline lines rolling over on both the NY stock exchange and the Nasdaq, crypto seems to have the better risk to reward.
Today, that reward is coming from Cardano (ADA).
As long as Cardano is over its 2018 highs of $1.40, we are long.
This trade has massive upside, and we believe it could more than double up, with our price target at $3.50.
So long as we are above those 2018 highs of $1.40, we are long ADA til $3.50.
Limited risk, extremely high reward. Just how we like it!
Til next week, good trading,
JC Parets
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About the Author
JC Parets, founder of All Star Charts, specializes in finding the most opportunistic risk vs. reward propositions while at the same time bringing a top/down approach to the marketplace whose wide spectrum is rivaled by few. JC begins with a long-term global macro perspective and then works his way down to the individual sector and industry level before ultimately isolating the stocks that best portray a particular thesis. Price is the most important technical indicator, but JC uses supplements such as Momentum, Relative Strength, and Fibonacci analysis to complete the process.
