Bitcoin and Ethereum’s upside exhaustion, Cardano’s smart contract FOMO, and an overall boom in the altcoin market catalyzed ADA’s gains.
Cardano’s native token ADA ignored a serious price crash warning to rally to a new all-time high.The ADA/USD exchange rate reached $2.56 for the first time on Aug. 20, following a 154.54% price boom that started on July 20. In doing so, the pair also ignored veteran trader Peter Brandt’s 60-90% price crash warning, which was based on a classic bearish pattern called the Head and Shoulders.I remember being scoffed at unmercifully when I identified this top in $LTCUSD back in mid 2018Hey Cardano trolls $ADAUSD , take aim… pic.twitter.com/3gytNHW4cR— Peter Brandt (@PeterLBrandt) July 30, 2021
But a flurry of bullish fundamentals assisted Cardano to ignore bearish technical setups. Capital rotationAt first, ADA/USD’s upside rally in the early days appeared largely in the wake of a similar
