Cardano (ADA) Staging A 40%+ Breakout (Near-term)
Updated
After XRP adding more than $50 Million to its market cap, ADA is set to be the next coin to make a big move.
Cardano is making higher daily closes than ever before but it really needs to pick up fundamental pace.
ADA has been consolidating for about a month, creating an ascending triangle in a bullish trend.
There is still an option to pull back to around $1.20 to take a second entry at that level as well.
Currently there's high volume at ATH area and price discovery on smaller TF.
Target:
The height of the triangle is around 60 800 pips.
Project the height of the ascending triangle as a profit target and your target is $2.10 (40%).
Retest:
On breakout without pullback, a retest to $1.20 is highly probable.
On breakout with a pullback, a retest to $1.20 is more unlikely.
ADABTC also seems to be shifting since a descending triangle is broken to the upside.
Technically Cardano looks great! But fundamentally it needs to pick up pace...
Fundamental Downside:
One major downside of Cardano is that it has remarkably less projects than any other high-cap coin out there.
Once its smart contracts are launched, there are tons and tons of projects waiting to make their entrance.
For example "Liqwid Finance", the first protocol on Cardano for automated lending and liquidity provision.
There's also "Bondly" waiting to make its tribute as a decentralized e-commerce and marketplace platform.
Cardano's value is relatively high when compared fundamentally to other cryptocurrencies in this moment of time.
Subjectively I think it's pretty crazy how this coin is in the top 5 with such an inferior amount of projects and real-world solutions, but that's just my humble opinion. :)
There will be a bridge from Ethereums blockchain to Cardano's blockchain in the future to migrate liquidity and smart contracts called Oscam.fi
All links are meant as non-promotional.
Feel free to add anything or leave your thoughts!
Cardano is making higher daily closes than ever before but it really needs to pick up fundamental pace.
ADA has been consolidating for about a month, creating an ascending triangle in a bullish trend.
There is still an option to pull back to around $1.20 to take a second entry at that level as well.
Currently there's high volume at ATH area and price discovery on smaller TF.
Target:
The height of the triangle is around 60 800 pips.
Project the height of the ascending triangle as a profit target and your target is $2.10 (40%).
Retest:
On breakout without pullback, a retest to $1.20 is highly probable.
On breakout with a pullback, a retest to $1.20 is more unlikely.
ADABTC also seems to be shifting since a descending triangle is broken to the upside.
Technically Cardano looks great! But fundamentally it needs to pick up pace...
Fundamental Downside:
One major downside of Cardano is that it has remarkably less projects than any other high-cap coin out there.
Once its smart contracts are launched, there are tons and tons of projects waiting to make their entrance.
For example "Liqwid Finance", the first protocol on Cardano for automated lending and liquidity provision.
There's also "Bondly" waiting to make its tribute as a decentralized e-commerce and marketplace platform.
Cardano's value is relatively high when compared fundamentally to other cryptocurrencies in this moment of time.
Subjectively I think it's pretty crazy how this coin is in the top 5 with such an inferior amount of projects and real-world solutions, but that's just my humble opinion. :)
There will be a bridge from Ethereums blockchain to Cardano's blockchain in the future to migrate liquidity and smart contracts called Oscam.fi
All links are meant as non-promotional.
Feel free to add anything or leave your thoughts!
Note
Edit: XRP adding $50 billion*Note
Very strong pullback to $1.20. (The long wick to the downside is due to a massive liquidation of $10 Billion on April 18.)
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