Coin Bureau Lists Reasons To Be Bullish On Cardano (ADA) In the Coming Months

Coin Bureau host known as Guy, explains why Cardano (ADA) price could make a recovery and break new all-time highs in the coming months.

Cardano reached its previous all-time high of $3.10 in beginning of September. Since then it has corrected more than 60% to its current price of $1.23.

In a recent strategy video, Coin Bureau’s host and crypto analyst Guy shared with the channel’s 1.84 million subscribers his reasons to be bullish on Cardano going forward.

“The good news is that there are lots of institutional funds with exposure to ADA, such as Grayscale’s Digital Large Cap Fund, and it looks like a few of these funds have been accumulating ADA over the last few months.
Many Cardano DApps (decentralized applications) are also scheduled to deploy in the coming months, and these are likely to create the demand ADA needs to conquer its previous all-time high.
Last but not least, ADA’s long-term technicals suggest it could rise as high as $4 in the coming months, assuming it can break that zone of price resistance at the $1.70 mark.”

The analyst points out that if ADA is unable to break through $1.70, it could form a head-and-shoulder pattern, a price structure used to identify a trend reversal. This could lead ADA to withdraw back to 2020 lows under $0.30, Guy says.