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Cardano Finds Support

After a volatile week, cryptocurrency Cardano is starting to show some bullish action after finding support off both its' 50-day moving average and its' prior breakout level around $2.20. I also like the fact that we have seen RSI dip below the 50 level and the Commodity Channel Index drop to oversold levels. While volatile times like the past week can be difficult to live through, they are often constructive as they wipe off excessive bullishness and shake out weak hands. I added to my position today as ADAUSD retook its' 20-day moving average. To see my thought process on why I decided to buy Cardano in August, see my prior blog post.

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Full Disclosure: I currently own Ethereum, Cardano, and Bitcoin.

Full Disclosure: This post contains an affiliate link to Gemini and Coinbase.

Disclaimer: This information is issued solely for informational and educational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. None of the information contained in this post constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. From time to time, the content creator or its affiliates may hold positions or other interests in securities mentioned in this blog or the associated Twitter and Instagram feeds. The stock or stocks presented are not to be considered a recommendation to buy any stock or stocks. This material does not take into account your particular investment objectives. Investors should consult their own financial or investment adviser before trading or acting upon any information provided. Past performance is not indicative of future results.


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