Good day ladies and gentleman ,today we give an update on our last ADA forecast and what the charts are telling us.
Like most of these cryptocurrencies in May Cardano broke its 2018 ATH and set a new ATH of $2.38 in 2021 May and it retraced to its previous ATH at $1.10 and in by the end of August 2021 it created a new ATH of $3 and ever since then its been on a major down trend and its currently trading on major support of $1.20 which was ATH resistance in 2018 therefore we view this as major support.
To see an increase in the price of ADA it has to hold support at $1.20 then continue to climb up with the up trending liness and break through the $1.50 resistance before the price goes ape and follows the BLUE path arrow to hit our asset target of $5-6 Cardano.
News about a Cardano and TRON lawsuit are looming since they are being delisted on a certain exchange by the end of this year and the SEC may be going for them which may cause some issues with the price as it did with the XRP lawsuit therefore if this does happen sooner then we expect and ADA break the $1.20 support we might see a retest to confirm the downtrend and if so we might be look into new lows for ADA following the RED arrow path.
But the lawsuit never stop XRP from thriving although the price might still be suppressed investors who where in before the lawsuit made profit regardless...so we doen see this stop Cardanos great network and technology and the charts still confirms the we are still in a bullrun atleast one more leg up for ADA.
Like most of these cryptocurrencies in May Cardano broke its 2018 ATH and set a new ATH of $2.38 in 2021 May and it retraced to its previous ATH at $1.10 and in by the end of August 2021 it created a new ATH of $3 and ever since then its been on a major down trend and its currently trading on major support of $1.20 which was ATH resistance in 2018 therefore we view this as major support.
To see an increase in the price of ADA it has to hold support at $1.20 then continue to climb up with the up trending liness and break through the $1.50 resistance before the price goes ape and follows the BLUE path arrow to hit our asset target of $5-6 Cardano.
News about a Cardano and TRON lawsuit are looming since they are being delisted on a certain exchange by the end of this year and the SEC may be going for them which may cause some issues with the price as it did with the XRP lawsuit therefore if this does happen sooner then we expect and ADA break the $1.20 support we might see a retest to confirm the downtrend and if so we might be look into new lows for ADA following the RED arrow path.
But the lawsuit never stop XRP from thriving although the price might still be suppressed investors who where in before the lawsuit made profit regardless...so we doen see this stop Cardanos great network and technology and the charts still confirms the we are still in a bullrun atleast one more leg up for ADA.
