CardanoLong
ADA: Solid Bullish Trading Channel
Since 13MAY, Cardano has established a very solid bullish trading channel and is currently trending well inside it. ADA is now in price discovery mode after breaking the All Time Highs. One point on ADA that's important to understand is, unlike most ALTCOIN projects, ADA tends to have a more negative correlation to Bitcoin. Meaning, when BTC is going down or is stagnate, ADA tends to do well. We've seen this play out multiple times since as far back as at least FEB2021. That said, it's important to watch the BTC strength as that may give us a short-term indicator how much more run-up space ADA may have before settling down and consolidating. Long term, I firmly believe ADA will be $10+ by the end of this Bull Market Cycle. How fast we get there and how much higher we go beyond that will depend on too many factors (BTC strength being just one) to break down in this short analysis. For now, watch for a break in the price action and any indicators of a bullish reversal pattern as well as keeping an eye on BTC price action to give an indication of how ADA's movement might adjust. **NOT financial advise. Just a guy, making money, trying to share knowledge so you can make money too**
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