The Cardano ecosystem has drawn attention amid the weakening of the bearish cycle. Without a doubt, the altcoin is currently at a pretty interesting crossroads as the blockchain is well on its way to becoming a smart contract compatible with the Alonzo upgrade planned for next month.

Earlier this week, crypto asset manager Grayscale Investments added Cardano (ADA) to its Digital Large Cap Fund (GDLC) and ranks third with an allocation of 4.26%.

Now, with all eyes on the fifth largest altcoin, analyst Nicholas Merten is also turning to ADA. In one Video In a recent analysis, Merten identified an important catalyst that could drive ADA to new all-time highs.

That being said, the current ADA / USDT chart is really great and it shows me that in this case there may be some kind of catalyst in the next weeks / two months that will drive the price up. “

Regarding ADA’s performance, Merten pointed out that the current pattern is sort of a bearish turn of the year (2019) during the bear market. Looking at the long-term chart, he said that after the general consolidation phase from July 2019 to June 2020 – a year-long phase of full consolidation in which smart coins were piling up – ADA is finally seeing significantly higher highs and lows.

In fact, it is preparing to reverse into a potential cup and handle pattern, a place that is predicted to break the previous ATH. He further predicts that perhaps by the end of this summer the ADA will begin completing the official mug and handle model and wait until the end of the year.

Source: Nicholas Merten

Merten goes on to claim that the catalyst to bring ADA to ATH will be the completion of Goguen. The Goguen phase of the Cardano roadmap will integrate smart contract functions. This much anticipated development could lead Cardano to new highs against the USD, Bitcoin and Ethereum, he said.

“With the possible launch in August, it would be the perfect macro catalyst for ADA to move quickly across all the charts for ADA / ETH to start building the next breakout to retest the levels – previous high and possibly a new high . “

“This is probably the most cautious factor when you’re just looking at higher highs and lows on the dollar chart.”

There is also the possibility that ADA could climb to $ 3 or even $ 5 “in the later stages of the bull market.”

Merten was also quick to claim that every moment in the Cardano market leads to a “now or never” situation.

“It’s finally time to do the hardest work. It really is a “now or never” situation. Cardano attracts attention. It’s a lot of things and investors are waiting to see that. “

Annie

According to Ambcrypto

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