The host of popular crypto channel Coin Bureau is laying out the reasons why the price of Cardano (ADA) could recover and reach new all-time highs in the coming months.
Cardano surged to its all-time high of $3.10 in early September, but it has since endured a severe price correction of more than 59%.
The seventh-ranked crypto asset by market cap is currently trading at $1.26.
In a new video, Coin Bureau’s pseudonymous analyst Guy tells his 1.84 million YouTube subscribers that there are a number of reasons to still be bullish on Cardano.
“The good news is that there are lots of institutional funds with exposure to ADA, such as Grayscale’s Digital Large Cap Fund, and it looks like a few of these funds have been accumulating ADA over the last few months.
Many Cardano DApps [decentralized applications] are also scheduled to deploy in the coming months, and these are likely to create the demand ADA needs to conquer its previous all-time high.
Last but not least, ADA’s long-term technicals suggest it could rise as high as $4 in the coming months, assuming it can break that zone of price resistance at the $1.70 mark.”
Guy notes if ADA fails to break past $1.70, it could form a head-and-shoulder pattern, a price structure used to identify a trend reversal. Such a reversal could take ADA back to 2020 lows below $0.30, according to the analyst.
“I highly doubt this will happen though because Cardano has lots of upcoming milestones which could easily take ADA to new all-time highs.“
I
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/iurii/Mingirov Yuriy