See What's Next for the Crypto That "Came Out of Nowhere"
Cardano's 3000% surge wasn't a great "mystery." In fact, it's an open book! An Elliott wave book, that is.
by Nico Isaac
Updated: November 02, 2021
October 12 was known in the computer science community as "Ada Lovelace Day." It honors the famous 19th century mathematician Augusta "Ada" King Lovelace -- countess, genius, and visionary who translated a sequence of symbols and digits into the world's first-ever computer algorithm.
Lovelace used the lens of science to decode the mysteries of nature, saying, "Forget this world and all its troubles... everything in short but the enchantress of numbers."
Ada Lovelace was also the muse of Charles Hoskinson, who two centuries after the mathematician's time, created the digital blockchain Cardano in 2015 and named its token, ADA, after her.
Just as well because the performance seen in Cardano over the last year has posed, for the likes of mainstream science, a great mystery of the ilk Ada herself would love to have solved. The conundrum begins with the picture below. It shows how Cardano's value rocketed 3000% from October 2020 to an all-time peak at $3.10 on September 3.
There's just one problem: According to mainstream experts, Cardano had no business soaring as it did, going from 10th-largest altcoin to holding the prestigious number 3 position among the lot. Here, a September 4 CNBC article confronted the puzzle head on:
"An Investor's Guide to Cardano, which has mysteriously become the no. 3 crypto in the world."
"How ada became the third-largest coin by market cap is still a mystery to many in crypto. Many investors remain skeptical because Cardano hasn't launched anything yet...
Another news source said August 25:
"A crypto which seemingly came out nowhere is on the right rack to take out the number two position and potentially even knock bitcoin out of its prime spot." (August 25 News.com.au)
From a "fundamentals" perspective -- i.e., one claiming that market trends are propelled by outside events like product launches and oh, I don't know, actual growth -- this makes total sense. Cardano is still a sapling compared to its fully formed adult peers -- and yet, it left those peers in the dust performance-wise.
This wasn't supposed to happen. In fact, it's exactly the opposite scenario espoused by mainstream pundits last fall, when the popular outlook for ADA was DOA -- dead on arrival. One September 29 FX Street said ADA is quote "poised for a potentially deadly selloff," explaining:
"Cardano established a new 2020-high on July 26 at 15 cents. The digital asset is down 50% since its peak, and it's currently trying to recover.
"Although ADA price has been trending upwards, it seems that many indicators are starting to shift in favor of the bears."
In turn, it's impossible to solve the "mystery" of Cardano's meteoric rise with "fundamentals."
One can, however, reach a very clear understanding as to the move via Elliott wave analysis. Here, we turn to our Crypto Pro Service, which on October 4, 2020, showed this long-term chart of Cardano.
Prices were in the early stages of an Elliott, third wave rally to new highs. In editor Tony Carrion's words:
"We begin our review with Cardano, which is more or less making a case for the end of this correction. If we continue to advance above 13 cents, then I think that would be the kind of confirming price action to bolster the case that a bottom is in place."
From there, Cardano soared 1800% in five months to record highs. But our analysis confirmed the uptrend had much further to go. On February 28, 2021, our Crypto Pro Service showed this chart of Cardano and said a rise to the $3 level was very likely.
Again, Cardano's rally continued unabated, breaking above $3 on September 2 before stopping and turning back down.
On September 6, our Crypto Pro Service warned that a correction was now underway to no lower than 1.26.
And thus far, this critical level has held. If you know Elliott waves, the labels in the chart above hint at what's likely next. (If you're new to Elliott, Crypto Pro Service explains it all plainly.)
Ada Lovelace once said,
"I don't wish to be without my brains, tho' they doubtless interfere with a blind faith which would be very comfortable."
Time and again, blind faith in the old ways of market forecasting has led traders astray.
A new way of anticipating price trends awaits with our Crypto Pro Service.
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