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.
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