Score 7.1 (out of 10): ADA-USD (Cardano) sets up for +11.6% rally in 2 weeks

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What’s Going On Here?

Cardano founder Charles Hoskinson assured users that he does not anticipate further delays to the Vasil hard fork which aims to improve the scalability of the Cardano blockchain.

Why Now?

ADA-USD has reached a new medium term high. Previously, during similar occasions, ADA-USD shares had a median return of +11.6%, over the following 2 weeks – based on 10 historical occasions with 8 of those showing positive returns (80% hit ratio). This buy signal for ADA-USD received a high score of 7.1 (out of 10). This insight was generated on 2022-August-8 with last price of 0.535906.

What’s This Company About?

ADA-USD is in the Crypto business. Based on the last 2 years’ risk/return profile, this asset is seen as Very Risky. Ticker symbol: ADA-USD.

What’s My Risk / Reward and Time Horizon?

We found 2 weeks to be the optimal trade horizon, after testing a number of possible alternatives (accuracy of previous returns). Otherwise consider closing out this trade once the target level of 0.6 (+11.6%) has been reached. Based on ADA-USD’s recent up and down swings, LongShortBets suggests considering to set a stop loss level for this insight at 0.54 (last price at 0.535906), which is equivalent to a 0% decline.

Returns during similar periods:

The chart above shows the previous returns (in %) based on similar setups with the most recent ‘insight’ shown under (1), the second most recent ‘insight’ under (2), etc.

Previous episodes:

-23.1% (April-2022), 46.9% (August-2021), 39.9% (May-2021), 44.9% (November-2020), 0.1% (April-2020), 8% (January- 2020), -14.3% (May-2019), 17.9% (March-2019), 15.1% (April-2018), 3.3% (November-2017).

Historical Chart:

Summary:

NameADA-USD (Cardano)
ViewUp
Star (1 to 10)7.1
Target11.6%
Time2 weeks
Hit Rate80%

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