The third largest token by market cap is seen as a source of division in the crypto community because it is more centralized and has foreground leadership, which goes against some of the fundamentals of decentralized cryptocurrencies. Three weeks ago, technical analyst JC Parets took a distinctly bullish stance on the controversial cardano crypto token.
It was all based on price action.
But Parets’ thesis was not based on the leadership of the crypto asset. It was not based on the activity of the developer.
He predicted that the cardano would recover if the price rose above $ 1.40. And it more than bounced back, leaping 92%. It is currently trading around $ 2.70.
“When it comes to my favorite technical indicator,” Parets said, “it’s an easy answer: price. “
Even after more than 12 years in the industry as a technical analyst, Parets keeps it simple by focusing on pricing and pure technicalities. Market technicians like him study charts for patterns and trends, and the opportunities they point to.
“It all started because nothing else seemed to be working,” said Parets, who has had little success with fundamental analysis, which relies more on financial and economic data.
“The markets are exactly the same way, a market that trends upward, making higher ups and downs, has a much higher probability of continuing to move in that direction than of reversing completely on a penny, ”Parets said.
Technical analysis, on the other hand, works because markets move, Parets said.
With a focus on price, Parets and his team share views on a range of asset classes, including crypto, on his blog AllStarCharts.com.
“When it comes to cryptocurrencies, we’re just doing the same thing we’ve always done, we’re analyzing supply and demand and human behavior, and it’s been incredibly beneficial,” Parets said, “and gives certainly a benefit to technical analysts in the crypto space because we’re not doing anything different.
Since cardano’s price is now more than double where Parets set the key price point for a breakout, Insider sat down with him on August 26 to understand how he sees the price movement on a range of tokens. : cardano, bitcoin, solana, dogecoin, helium, and bit farms. Parets said he has positions in these cryptos, with the exception of bitfarms and dogecoin.
News Business Highlights
- Cryptocurrency price predictions for Cardano, Doge, Helium, Solana: JC Parets
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