Cardano is enjoying a fair share of the spotlight post bear cycle. The altcoin is at a pivotal moment right now, as it is set to be smart contract compliant with the Alonzo upgrade by next month. Also, Grayscale Investments, added Cardano (ADA) to its digital large-cap fund (GDLC) earlier this week, making it the fund’s third-largest component with a 4.26% allocation.
As Cardano is garnering increased attention, Popular analyst Nicholas Mertin has given his two cents on Cardano future price action. In a recent video, he says this altcoin is just one important catalyst away from propelling to a new ATH.
Merten points out that the current trend is a reversal of what we observed during the bear market’s collapse year (2019). Looking at ADA’s long-term chart, he noted that after a general consolidation phase from July 2019 to June 2020, during which the smart money was accumulating, now we’re finally seeing the smart money start to accumulate.
ADA is almost flipping the pattern to make it a full-fledged cup and handle, with the potential to rebound to former all-time highs. He also anticipated that ADA Price might start building that formal cup and handle formation by the end of this summer and that it would continue through the end of the year, into 2022, when a breakaway may be seen.
Goguen – The Key Catalyst
The completion of Goguen, according to Merten, will be the spark for ADA to reach new all-time highs. Cardano’s roadmap’s Goguen stage will include smart contract support. He predicted that this highly anticipated feature would propel Cardano to new heights against the USD, Bitcoin, and Ethereum.
He also said, “This is probably the most conservative element here if we’re just following the higher lows and higher highs for the dollar chart.”
It was also suggested that ADA may rise to $3 or perhaps $5 in the “late phases of the bull market.”
Mertin also mentions this is a “ now or never” situation for Cardano. It is finally showtime, after all the hard work it is now time for materialization he added.
At the time of writing, Cardano is trading at $ 1.37 down by 4.7% in the last 24 hours.