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.”
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.
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