Recently, Cardano broke the downtrend in the 4th attempt! A relief rallye after the ATH sell-off could start.
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 .
