Cardano convincingly broke the resistance following an upward channel (blue). Grayscale helped.
In the bigger picture, ADA has been affected by crypto market weakness. I expect this to last around another 6 months.
Prognosis:
- Likely: ADA is likely to continue to the previous local top at $1.60.
Ideally, the price first retouches the broken downward trend area around $1.20 - BUY OPPORTUNITY!
This would help buyers to come in at lower prices and propel the quotes with new energy!
Eventually, a convincing leap above $1.60 could free the path towards $2.20 (ATH) later this year.
- Alternatively, Cardano falls under the $1.00 support.
This could be a fake out, but possibly 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: ADA is likely to continue to the previous local top at $1.60.
Ideally, the price first retouches the broken downward trend area around $1.20 - BUY OPPORTUNITY!
This would help buyers to come in at lower prices and propel the quotes with new energy!
Eventually, a convincing leap above $1.60 could free the path towards $2.20 (ATH) later this year.
- Alternatively, Cardano falls under the $1.00 support.
This could be a fake out, but possibly 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.
