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Peter Brandt Flips Bullish on ADA

Posted by Jeffrey Sloe on August 12, 2021 - 8:36pm


Veteran Trader Peter Brandt Updates Outlook on Cardano (ADA)

By Daily Hodl Staff • August 12, 2021 // ALTCOINS // BITCOIN

Veteran analyst and trader Peter Brandt is taking a fresh look at Cardano (ADA) following its recent rally.

After previously cautioning that ADA could follow Litecoin’s bearish 2018 trajectory, the popular trader says Cardano’s price structure is now looking significantly more bullish.

According to Brandt, ADA needs to show it can hold onto a key level of support.

“New development in Cardano ADAUSD. The advance through the July 4 high goes a long way to negate the potential bearishness of the H&S [head-and-shoulders] top in this crypto.

In fact, this price action can be viewed as bullish as long as price remains above $1.25.”


(Click image for larger view)

Cardano is trading at $1.85 at time of writing and is up 34.3% in the past seven days, according to CoinGecko.

Earlier this month, Cardano got the green light for listing on exchanges operating in Japan.

On August 6th, Input Output Hong Kong (IOHK) said it was preparing to roll out the final phase of Cardano’s Alonzo update, which will bring smart contract capabilities to the platform.

The Cardano developer said the Alonzo Purple testnet is up and running and is currently undergoing an onboarding process.

IOHK says that it’s aiming for Cardano to launch full smart contract compatibility in the coming weeks.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/ReneGamper

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The original article written by the Daily Hodl Staff and posted on DailyHodl.com.

Article reposted on Markethive by Jeffrey Sloe

Valeriya thanks for the info
August 15, 2021 at 5:02pm
Jeffrey Sloe I think there were a lot of doubters that have now turned to believers Charles. Thank you for reading and commenting Charles, Bill and Simon.
August 14, 2021 at 12:22am
Simon Keighley Bringing smart contract capabilities to the platform will be a major upgrade for the Cardano blockchain - interesting times ahead. Thanks for sharing, Jeffrey.
August 13, 2021 at 8:33am
Bill Rippel Thanks for posting this article on Cardano.
August 13, 2021 at 3:23am
Charles Phillips Happy to see the news that Peter Brand now has adopted a more ullish view of ADA,
August 12, 2021 at 11:16pm
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