Popular analyst evaluated Cardano (ADA)’s upside potential in the coming months. Popular crypto channel Coin Bureau reveals the reasons why the price of Cardano (ADA) may rally and hit all-time highs in the coming months. Detail Cryptocoin. com
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How high can Cardano go?
Cardano rose to an all-time high of $3.10 at the beginning of September, but has since suffered a drastic price correction of more than 59%. The seventh-ranked cryptocurrency by market cap is currently trading at $1.26. Coin Bureau’s analyst, nicknamed Guy, says there are several reasons why Cardano is still bullish. On the subject, the analyst says:
The good news is that there are a number of institutional funds that have invested in ADA, such as Grayscale’s Digital Big Equity Fund, and a few of these funds seem to have been accumulating ADA over the past few months. Many Cardano DApps [decentralized apps] are also scheduled to be deployed in the coming months, and these are likely to generate the demand that ADA needs to reach its previous all-time high. Finally, ADA’s long-term technical data shows that it could rally as high as $4 in the coming months, assuming it can break through this $1.70 price resistance zone.
Guy states that if ADA fails to break past $1.70, it could create a head-and-shoulder pattern, a price structure used to identify trend reversal. Such a reversal could push ADA back to 2020 lows below $0.30. “I still doubt that will happen because Cardano has a lot of upcoming milestones that could easily push ADA to all-time highs,” the analyst says.