Popular crypto channel Coin Bureaureveals the reasons why Cardano (ADA) price is likely to recover and hit all-time highs in the coming months.
Cardano (ADA), rallied to an all-time high of $3.10 at the beginning of September, but has since endured a serious price correction of more than 59%.
The seventh-ranked crypto asset by market cap is currently trading at $1.26.
Coin Bureau’s analyst, known by the alias Guy, has 1.84 million YouTube subscribers in a new video he posted. cardanoHe stated that there are still several reasons to rise in .
“The good news is that there are a number of institutional funds that have ADA exposure, such as Grayscale’s ‘Digital Major Equity Fund’, and a few of these funds seem to have been accumulating ADA over the past few months.
Many Cardano DApps [merkeziyetsiz uygulamalar] are scheduled to be commissioned in the coming months, and these are likely to generate the demand ADA needs to reach its previous all-time high.
Finally, ADA’s long-term technical data shows that it could rally as high as $4 in the coming months, assuming it can break through this $1.70 price resistance zone.”
Guy notes that if ADA fails to break past $1.70, it could create a ‘head-and-shoulder pattern’, a price structure used to identify trend reversal. Such a reversal could push ADA back to 2020 lows below $0.30.
“I doubt that will happen, though, because Cardano has a lot of upcoming milestones that could easily push ADA to all-time highs.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.