Where will the next Cardano bull run come from? Analyst answers
Cardano has failed to gain despite enthusiasm around the Vasil upgrade Crypto analyst says… The post Where will the next Cardano bull run come from? Analyst answers appeared first on CoinJournal.
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Cardano has failed to gain despite enthusiasm around the Vasil upgrade
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Crypto analyst says ADA could rally as institutional investors show interest
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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
OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in.
OKX takes customer security very seriously, they store almost all of their clients' funds in cold storage, and the exchange is yet to be hacked.
On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform. eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in.
It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest.
eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
OKX
eToro
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.
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