ADA is currently at an important price decision zone, falling to its lowest growth rate since Pandemic Panic in March while reestablishing historic resistance levels along the way. We’ve been oscillating in agreement between $0.09 and $0.11, the same region ADA hugged in Apr-Sep 2019 before falling bearish to a bottom of around $0.03.
Unable to sustain our highs above $0.11 have led to a bearish trend as we continue to bump up against resistance. Following trend from last Spring, I would expect ADA to fail this current resistance check and fall into another bearish cup through Jan. An apparent upwards triangle pattern since late September seems to confirm this trend. Bottom support from here has historically been as low as $0.05.
Analysis aside, the Shelley hardfork implies great things for the future of ADA. Cardano has been lauded as having some of the best programming in the field, and smart contract implementation is expected to drop by year’s end. Cardano’s creator has implied that 2021 will be a year where they focus on competing for dominance in the economy and are pegged to become the second biggest DeFi network behind Ethereum. Bitcoin’s current surge and eventual sell off may find itself invested in Alts by early to mid 2021 at just the right time for a surge in ADA, but barring future developments, I expect to see prices continue to sink.
Unable to sustain our highs above $0.11 have led to a bearish trend as we continue to bump up against resistance. Following trend from last Spring, I would expect ADA to fail this current resistance check and fall into another bearish cup through Jan. An apparent upwards triangle pattern since late September seems to confirm this trend. Bottom support from here has historically been as low as $0.05.
Analysis aside, the Shelley hardfork implies great things for the future of ADA. Cardano has been lauded as having some of the best programming in the field, and smart contract implementation is expected to drop by year’s end. Cardano’s creator has implied that 2021 will be a year where they focus on competing for dominance in the economy and are pegged to become the second biggest DeFi network behind Ethereum. Bitcoin’s current surge and eventual sell off may find itself invested in Alts by early to mid 2021 at just the right time for a surge in ADA, but barring future developments, I expect to see prices continue to sink.
