Nothing in this article is to be construed as investment advice. Neither the author nor the publication takes any responsibility or liability for any investments, profits or losses you may incur as a result of this information.
Cardano has returned back to its base support this week, after the earlier bull run met strong opposition at the 0.618 fib resistance and was unable to break through. The fall could be attributed to the recent news that Cardano will not be partnering with Google, with IOHK CEO, Charles Hoskinson commenting in his AMA session that the Tech Giant will ‘do their own thing’.
Other Cardano news includes the soon-to-be released testnet of its new virtual machine, IELE, at the end of this month which will execute all smart contracts on the Cardano blockchain. Further updates for this particular project will arrive on the official roadmap page in 21 days time, according to the page’s countdown timer.
The news that the United States Securities and Exchange Commission will be considering Bitcoin ETF’s has also created huge waves this week. This could potentially flood the crypto market with millions of US dollars, benefiting not just Bitcoin but all other altcoins as well.
With this in mind, let’s take a look at the charts to see where ADA is likely to go over the rest of the month. Looking at the ADA/BTC chart over 3hr candles we can see that the #8 cryptocurrency by market cap only recently managed to breakout from a 2 month-long falling wedge pattern, after bulls leapt off the uptrending base support towards the 0.618 fib level above. Read more from cryptovest.com…
thumbnail courtesy of cryptovest.com