Cryptocurrency

It Even Made a Date! Master Trader: Cardano Will See $5

The Cardano ecosystem manages to attract attention in the middle of the recovery period. Of course, the altcoin is at an interesting crossroads right now, as Blockchain is on the verge of becoming a smart contract compatible with the Alonzo upgrade planned for next month. With all eyes on the market’s fifth-biggest asset, crypto analyst Nicholas Merten has identified critical levels that will push Cardano to all-time highs in a recent analytics image. Details are as follows…

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Cardano becomes Grayscale’s third largest fund

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Firstly, Cryptocoin. com, crypto asset manager Grayscale Investments added Cardano (ADA) to its fund, making the project the third largest cryptocurrency in the fund with a 4.26% stake. For ADA, which has many recent developments, the first thoughts of analyst Nicholas Merten are as follows:

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I have to say, ADA/USDT looks good indeed, and this overall indicates that there will be some kind of catalyst that will push the price higher in the next few weeks to two months.

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Analyst’s second observation, about the altcoin market

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Referring to the altcoin market before moving on to Cardano (ADA), Merten points out that the current pattern is a kind of reverse version of what we saw during the 2019 bear market. Also, if we look at ADA’s long-term chart, we are now finally ready to see significantly higher levels after a general consolidation cycle from July 2019 to June 2020, which was a full year of consolidation for Cardano. Merten simultaneously interprets the formations for the rise as follows…

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Analyst states that ADA is confirmed by formations

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In his analysis, the analyst states that Cardano has almost started to reverse the pattern to turn it into a full potential cup and handle, where it is expected to return to all-time highs, and he thinks that this formation can be formed correctly by the beginning of 2022.

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Merten also argued that the development by culminating ADA would be the completion of Goguen. The Goguen stage of Cardano’s roadmap will integrate smart contracts capability. This much anticipated development could make Cardano stronger against USD, Bitcoin and Ethereum, according to the analyst. Merten also shared the following in his analysis:

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With the Goguen upgrade in August, ADA’s market dominance could become more dominant and would be a great development for the ADA/ETH pair to shift balances. At the same time, this rise could create a different scenario for Cardano.

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Merten added:

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If we’re only tracking higher lows and higher peaks for the dollar chart, this is probably the most sheltered item here.

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Analyst’s big prediction: Cardano can reach $5

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Finally, seeing that it is possible for ADA to reach $5 or even higher levels in the “later phases of the bull market”, Merten argues that every moment in the Cardano market points to a “now or never” type of situation. The analyst’s final statements are as follows:

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Now is the time to finally see that hard work come to fruition. Indeed, it is now or never compared to me. Cardano stands out here. It has a lot on it, and investors are waiting to see it.

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