Where will the next Cardano ADA/USD bull run come from?

Bybit
1661782658704 3a363d96 25e8 489b b25a 20ec1833f468
1661782658704 3a363d96 25e8 489b b25a 20ec1833f468
Free Bitcoin


Cardano has failed to gain despite enthusiasm around the Vasil upgrade

Crypto analyst says ADA could rally as institutional investors show interest

ADA trades at support with a chance to fall further

Cardano ADA/USD to $1? Well, that was the speculation as Cardano neared its long-awaited Vasil upgrade. Indeed, crypto expert Michaël van de Poppe expected ADA to tap $1 around the event if the upgrade is a success. Third week after the event, ADA trades at merely $0.42 and looks very vulnerable. What went wrong?

A crypto analyst, “Guy,” a pseudonym, has come to the rescue of Cardano. In a discussion with another popular crypto analyst Benjamin Cowen, “Guy” thinks ADA will eventually triumph. He says that Cardano has been lacking institutional investors. He notes that when crypto returns, big investors will look at the successful big upgrades and get excited. In this regard, he mentions Cardano’s Vasil and Ethereum Merge as critical.

While the views above are sentimental, notable developments support them. Earlier this month, Cardano founder Charles Hoskinson said hundreds of projects are courting Cardano. He said that was due to the new capabilities brought by the Vasil upgrade. As a notable example, Hoskinson mentioned a decentralised music streaming platform NEWM.

ADA trades at the support as momentum remains weak

Plus500

Plus500 is a leading provider of Contracts for Difference (CFDs), delivering Leveraged trading on +2,000 financial instruments, including Forex, Commodities, Indices, Shares, Options and Cryptocurrencies. CySEC license number (#250/14)

Buy ADA with Plus500 today

Disclaimer

FP Markets

FP Markets combines metals, indices connectivity and award-winning execution speed with institutional-grade liquidity to provide traders consistently tighter spreads and unparalleled trading conditions. FP Markets offers Forex, Equities, Commodities, Cryptocurrency, Futures and Index CFDs all from one account.

Buy ADA with FP Markets today

Disclaimer

Source – TradingView

Technically, ADA trades at close to the lowest level in the year. The current level is a support zone, giving ADA a chance to recover. However, momentum is weak, as shown by the MACD indicator, which is deep in bear territory.

Concluding thoughts

Enthusiasm around ADA remains high despite the bear’s weakness. That potentially tells that ADA has been building true but sustainable stories that could inspire a strong comeback. When that happens, time will tell as markets reel from the effects of the projected recession. 

Probably, ADA has been devoid of a speculation-led surge. Thus, when recovery happens, it will be real and sustainable since sound fundamentals will drive it.

Source link By Motiur Rahman

Be the first to comment

Leave a Reply

Your email address will not be published.


*