Recently, Cardano broke the downtrend in the 4th attempt! Now upside is on the horizon.
In the bigger picture, ADA has been affected by crypto market weakness. I expect this to last around another 6 months.
Prognosis:
- Likely: Since ADA broke the resistance around $1.30 it's overbought in the short-term.
Ideally, the price goes down to around $1.10/1.20 to gather energy - BUY opportunity!
Medium term target is $1.60 from the last local top (green 4).
Eventually, prices can continue upwards: a 100%+ gain to >$2.20 later this year is possible.
- Alternatively, Cardano falls under the $1.00 support.
This could be a fake out, but more likely it would start a multi month period of weakness.
Time is on our side and I expect the bull market to get into its next phase, let it be end 2021, or mid 2022.
Then ADA is expected to profit strongly and eventually outperform Bitcoin.
In the bigger picture, ADA has been affected by crypto market weakness. I expect this to last around another 6 months.
Prognosis:
- Likely: Since ADA broke the resistance around $1.30 it's overbought in the short-term.
Ideally, the price goes down to around $1.10/1.20 to gather energy - BUY opportunity!
Medium term target is $1.60 from the last local top (green 4).
Eventually, prices can continue upwards: a 100%+ gain to >$2.20 later this year is possible.
- Alternatively, Cardano falls under the $1.00 support.
This could be a fake out, but more likely it would start a multi month period of weakness.
Time is on our side and I expect the bull market to get into its next phase, let it be end 2021, or mid 2022.
Then ADA is expected to profit strongly and eventually outperform Bitcoin.