Cardano (ADA) Staging A 40%+ Breakout (Near-term)After XRP adding more than $50 Million to its market cap, ADA is set to be the next coin to make a big move.
Cardano is making higher daily closes than ever before but it really needs to pick up fundamental pace.
ADA has been consolidating for about a month, creating an ascending triangle in a bullish trend.
There is still an option to pull back to around $1.20 to take a second entry at that level as well.
Currently there's high volume at ATH area and price discovery on smaller TF.
Target:
The height of the triangle is around 60 800 pips.
Project the height of the ascending triangle as a profit target and your target is $2.10 (40%).
Retest:
On breakout without pullback, a retest to $1.20 is highly probable.
On breakout with a pullback, a retest to $1.20 is more unlikely.
ADABTC also seems to be shifting since a descending triangle is broken to the upside.
Technically Cardano looks great! But fundamentally it needs to pick up pace...
Fundamental Downside:
One major downside of Cardano is that it has remarkably less projects than any other high-cap coin out there.
Once its smart contracts are launched, there are tons and tons of projects waiting to make their entrance.
For example " Liqwid Finance ", the first protocol on Cardano for automated lending and liquidity provision.
There's also " Bondly " waiting to make its tribute as a decentralized e-commerce and marketplace platform.
Cardano's value is relatively high when compared fundamentally to other cryptocurrencies in this moment of time.
Subjectively I think it's pretty crazy how this coin is in the top 5 with such an inferior amount of projects and real-world solutions, but that's just my humble opinion. :)
There will be a bridge from Ethereums blockchain to Cardano's blockchain in the future to migrate liquidity and smart contracts called Oscam.fi
All links are meant as non-promotional.
Feel free to add anything or leave your thoughts!
