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.
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