A closely followed crypto trader says Cardano could see a supply and demand dynamic in coming weeks that will ignite a new rally, and also predicts another “leg up” coming for Dogecoin (DOGE).
The pseudonymous trader known as Pentoshi tells his 220,000 followers that he sees ADA correcting down below $2.00 before blasting off to new all-time highs on the heels of Cardano launching smart contract compatibility.
“Would like to see $ADA dip into the 1.90’s and then reclaim this level before zooming off to new ath’s [all-time highs] before Charles Hoskinson, Co-founder of Ethereum and CEO of Cardano launches smart contracts after a 4 year wait in September.”
According to Pentoshi, the bullish fundamentals are present and, technically speaking, Cardano is one of the most solid-looking altcoins on the market.
“TA [technical analysis], this has been one of the strongest projects the entire year. Trend is suggesting new ATH’s and price discovery next.”
The trader notes that well over 70% of all ADA are being held off the market being staked. He says this could put bullish pressure on Cardano’s supply in the coming weeks.
“Something like 72% of the total supply of $ADA is staked as well so easy to see a demand > supply dynamic in the weeks to come.”
As for Dogecoin, Pentoshi says the meme crypto is getting ready for another impulse upward. Last week, he called for DOGE to “melt faces,” and is now doubling down on a nearly 50% shot up to the $0.45 range.
“Looks ready for continuation and an impulsive move up. So far so good.
Next leg coming in my opinion.”
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