The classic technical pattern points to a 20% price rally in the Cardano market, with its profit target sitting above $3.
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The classic technical pattern points to a 20% price rally in the Cardano market, with its profit target sitting above $3.
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The total number of Cardano wallets with at least a $1 million balance has surged from 3,625 on July 20 to 9,830 on Aug. 24.
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The bearish outlook appears also as Cardano’s daily relative strength index (RSI) reflects overbought sentiments. However, euphoria surrounding Cardano’s smart contracts launch and its mild correlation with Bitcoin keeps the upside hopes intact.
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The ADA/USD exchange rate has moved further into its “overbought” area, suggesting that a trend correction might follow suit.
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Bitcoin and Ethereum’s upside exhaustion, Cardano’s smart contract FOMO, and an overall boom in the altcoin market catalyzed ADA’s gains.
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Spotted by veteran analyst Peter Brandt, the classic technical pattern can result in ADA price losing almost 90%.
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