By Shelly Melancon (Switzerland)
Following BTC’s price bouncing around the $50K range, ADA continues to trade lower based on data from the last session. Hence, investors aren’t quite optimistic about the ADA/USD as the pair trades at about $2.67.
“ADA Would Remain Bullish”
ADA has experienced a remarkable, bullish ride in the past couple of days. It has set a new peak price and undergone a price correction within this period. Also, in the last 30 days, there has been an almost 300% increase in the number of Cardano wallets holding at least a million dollars’ worth of ADA. That number is now nearly 10,000.
This is massive considering there were less than 550 wallets with $1m worth of Cardano at the start of this year. Yet, Scott Meller, a top crypto analyst, even predicted that ADA would still give more gains to investors. He predicted that ADA would still rise by about 20% within the next three months.
If Meller’s prediction comes true, ADA would have set another peak price record. Riding on the positive market sentiment about the cryptocurrency, KICK.IO (a Cardano-built DeFi platform) has revealed that its Initial Exchange Offering (IEO) would take place by the middle of next month – some days after the blockchain’s Alonzo upgrade.
Following this announcement, investors (regardless of category) will oversubscribe this public sale unless there is a significant reversal of the market’s current bullishness. While investors are looking to profit legally, many fraudsters are also looking to take advantage of people’s ignorance about Cardano and its token. Cardano CEO even had to put out a video as a warning notice with part of the video saying, “there is always a high level of scams trailing big events, massive scale, and price increase.”
Important Ranges
Technical indicators on the ADA/USD 4-hour chart all indicate bearishness. But the moving averages on the larger time frames suggest bullishness. Thus, there may still be some available entry points.
ADA/USD chart. Source: TradingView
Even though it is undergoing a price correction, ADA remains around the critical support range of $2.44. However, it may decline further if the market goes against it. However, if the bulls can maintain complete control, ADA would be on its way to a new peak price and may even overcome its key $3 resistance.
Bitcoin Reclaims $47.7K Ahead Of Significant Events
Following a price correction from the critical $50K resistance range, BTC has maintained the $47.5K range preparing for its next move. However, significant upcoming events might determine the direction for the top three cryptocurrencies.
The king coin, Bitcoin, has been making sharp upward movements this month despite a fall below $30K just last month. The commodity channel index maintains the peak resistance levels, which indicates that Bitcoin’s bullish run isn’t over yet.
If the events from the Jackson symposium don’t go as expected, BTC will likely decline and use the $42K price range as support. It is the range that coincides with the 0.382 Fibonacci retracement level of Q2 price action. However, if things do go as expected, BTC will retest the $50K level and attempt to surpass it.
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