TradingView
AvocadoPool
Jul 4, 2021 1:21 PM

ADA Weekly 🥑 Good Upside Dynamic, Buy Order at $1.20 Long

Cardano / U. S. DollarKraken

Description

â‹…
Cardano convincingly broke the resistance following an upward channel (blue). Grayscale helped.
In the bigger picture, ADA has been affected by crypto market weakness. I expect this to last around another 6 months.

Prognosis:
- Likely: ADA is likely to continue to the previous local top at $1.60.
Ideally, the price first retouches the broken downward trend area around $1.20 - BUY OPPORTUNITY!
This would help buyers to come in at lower prices and propel the quotes with new energy!
Eventually, a convincing leap above $1.60 could free the path towards $2.20 (ATH) later this year.

- Alternatively, Cardano falls under the $1.00 support.
This could be a fake out, but possibly it would start a multi month period of weakness.

Time is on our side and I expect the bull market to get into its next phase, let it be end 2021, or mid 2022.
Then ADA is expected to profit strongly and eventually outperform Bitcoin.
More