Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating. Disclaimer: Consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could…
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President of Ukraine Volodymyr Zelensky has highlighted the importance of launching a legal digital assets market in his country during a working visit to the U.S. The Ukrainian head of state met with top investors including from the cryptocurrency industry. President Zelensky Highlights Importance of Ukraine’s Virtual Assets Market Speaking to venture capital funds and […]
Ok so I kinda understand how someone might see the cryptopunks or Ether rocks projects as valuable digital collectibles, but what’s going on with the craze over the clone projects? I see so many lazy cryptopunks clone projects (no affiliation to larva labs) with no-name “artists” behind them selling for a lot.. why? Is it…
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What makes ethereum decentralized? Does that mean miners will continue running the program as it is today if the PoS merge happens in 2023? Will Ethereum users split their coins when the merge/fork happens? Will some users prefer the $4000 ether coin? Or will the PoS Ether coin be more or less valuable than the…
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Cardano (ADA) has no doubt has an interesting couple of weeks leading up to this point. The digital asset has hit multiple new all-time highs as the rally raged on. Only now slowing down but still well above its last all-time high set in May of this year. The slowdown has seen the price of the asset lose its footing over $3, causing it to crash down below $2.70 for the first time in over a week. This loss of momentum has led the market to believe that the asset might be nearing the end of its rally. But not everyone thinks so. Analyst Jason Pizzino has predicted that the altcoin still has a bit of fight left in it, predicting a 290% move before the end of this current bull cycle. An increase of this magnitude would put the price of ADA at nothing less than $7, solidifying its claim as the third-largest cryptocurrency by market cap. The Theory Behind The Prediction Jason Pizzino took to his YouTube channel to share his prediction with his over 200K subscribers. The prediction completely rests on the back of a single theory, the Elliott Wave theory. A theory that predicts the future price action of an asset by looking at extremes in investor psychology which comes in waves. So this is basically looking at investing patterns of the market. Related Reading | These Three Lagging Altcoins Are Poised For A Breakout, Says Crypto Strategist This current theory puts every bull market in a series of cycles separated into five different waves. During waves 1, 3, and 5, the price of the asset rallies upwards. While waves 2 and 4 come with a price correction. For Cardano (ADA), Pizzino says the asset has completed four waves so far, including waves 2 and 4 which are the market corrections. Now, the fifth wave is imminent, which would lead to a massive price increase. Pizzino puts the current downward correction as wave 4 while identifying the biggest wave so far as the price surge from $0.10 to $2.47, which occurred last month, as wave three. Since wave three is usually the biggest, Pizzino puts the fifth wave on par with the first wave, the surge from $0.01 to $0.17. Placing the fifth wave at only a 290% increase. Cardano (ADA) Price On The Rise So far, it does not look like Cardano (ADA) has reached the end of this downward correction. But Pizzino points to it as part of the five-wave theory movement. Comparing it to the first wave that saw a 900% increase between April 2020 and July 2021, the analyst says, “I’m excited to see the waves play out similarly.” Pizzino’s prediction would put ADA price close to $10 | Source: ADAUSD on TradingView.com Cardano still has a final card to play before the rally can be said to be truly over. The smart contracts testnet is currently live and developers have started building DApps on the network. But the release to the general public is still scheduled for September 12th. If all goes well with the launch, then this might be the event that triggers the fifth wave of Elliott Wave theory. “What do we get if we do an 800% or 900% from the low that was put in in June and July? That would bring us to around our $8 mark. Maybe we hit a 1,000% return from that point. That’s going to bring us up to $10 or $11.” Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Although optimistic about the asset from here, Pizzino issues a warning for investors. The potential for massive runs also comes with sharp downwards corrections that will reverberate through the market. “All good runs will come to an end,” says Pizzino. Featured image from CreditDonkey, chart from TradingView.com
