ADA is gunning for new ATHs
Aggiornato
I've seen a few prominent authors here advocating to short Cardano (ADA). This is in my humble opinion a HUGE mistake.
Why? Both because of overall market trends, Cardano's movements since February, and because of technicals in Cardano's development. Cardano's rollout of the Alonso upgrade is imminent. Remember what happened in the past few weeks with Ethereum and EIP-1559? Yeah, Ethereum is now up about 60% in what some thought would be a buy the hype, sell the news. It rather became a buy the hype, AND buy the news. Alonso is a critical improvement to Cardano ADA development space, namely bringing about the implementation of smart contracts. Bitcoin dipped to $43,000 ish yesterday
ADA's greatest criticism thus far against Ethereum is its failure to have smart contracts and a less viable ecosystem. Hence why many developers build off Ethereum rather than ADA. For starters, having both ETH and ADA is ok. Solana too. Just like in tech you can have multiple companies and developers based on different operating systems (Apple, Google, Microsoft, Linux, etc.). This is one the biggest updates in ADA's history. I foresee as this is news coming out within the next few weeks that unless there is a big bump in the road, ADA is on its way to $2.50 and then $3.
Cardano stayed amazing strength staying above the bull market support band, now has a development as large as Ethereum which caused ETH to justifiably pump. Short it at your own risk. I will keep my holdings and possibly add to them considering what is coming down the pipeline.
Why? Both because of overall market trends, Cardano's movements since February, and because of technicals in Cardano's development. Cardano's rollout of the Alonso upgrade is imminent. Remember what happened in the past few weeks with Ethereum and EIP-1559? Yeah, Ethereum is now up about 60% in what some thought would be a buy the hype, sell the news. It rather became a buy the hype, AND buy the news. Alonso is a critical improvement to Cardano ADA development space, namely bringing about the implementation of smart contracts. Bitcoin dipped to $43,000 ish yesterday
ADA's greatest criticism thus far against Ethereum is its failure to have smart contracts and a less viable ecosystem. Hence why many developers build off Ethereum rather than ADA. For starters, having both ETH and ADA is ok. Solana too. Just like in tech you can have multiple companies and developers based on different operating systems (Apple, Google, Microsoft, Linux, etc.). This is one the biggest updates in ADA's history. I foresee as this is news coming out within the next few weeks that unless there is a big bump in the road, ADA is on its way to $2.50 and then $3.
Cardano stayed amazing strength staying above the bull market support band, now has a development as large as Ethereum which caused ETH to justifiably pump. Short it at your own risk. I will keep my holdings and possibly add to them considering what is coming down the pipeline.
Nota
Idea confirmed - ADA has set new all time highs- congrats to all those who continue to hold.
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