A recent analysis of Cardano (ADA) had posited that the price could fall to about seventy cents. It certainly looked this way the last few days. The announcement by Coinbase changed that. Coinbase announced that Cardano would be added to Coinbase Pro. Likely, this addition will also indicate ADAs inclusion to Coinbase.com. Charles Hoskinson beamed with joy and satisfaction on his YouTube channel following the announcement. There is now talk of ADAs price hitting $2 in the next few weeks. Some have posited $5! Nevertheless, the ADA daily chart suggests a more conservative consideration.
Chart courtesy of Tradingview.com (Please click image to enlarge)
Fibonacci extensions show what it means to be conservative. We see that the Fibonacci extensions 23.6, 38.2, 50.0, and 61.8 are $1.24, $1.42, $1.57, and $1.72 respectively. The current price at the time of writing is $1.28. This price has a way to go to hit $1.72. The price may very well go beyond $1.72 quicker than we can imagine. There is also the issue of the Ichimoku Cloud. It is obvious ADAUSD is bullish with the chikou span free of the price action. This does indicate that the price could rise uninterrupted. Looking at the lower timeframes i.e. the one and four-hour timeframes, both show strong signs of consolidation. This may be due to investors/speculators waiting for the launch which occurs tomorrow. One could suppose that once the launch takes place, price action could be gauged more accurately.
Cardano has a lot of good things going on with many enhancements to come. It also has a very solid developer and forward-looking team guiding the project. With this, there are many reasons to be cheerful. As to what the price will do in the future, your guess is as good as mine.
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