Cardano Gains On Bitcoin (INTENSE Price Action Ahead)
If blockchain technology was a kung fu movie, then ADA is the guy who spent years living on top of a mountain doing one-fingered push-ups and chopping trees with his bare hands, preparing mentally, physically and spiritually to fight it out on the big stage. Well, its time has come. The moment is now. And after months of speculation, Cardano is finally ready to enter the ring with a deadly combination of hyper-efficient, secure and scalable smart contracts. There’s no two ways about it. Cardano is gearing up for something huge, and the markets seem to be responding.
Let’s get it! Welcome to BitBoy Crypto! Home of the BitSquad The largest and greatest crypto community in all the Interwebs My name is Ben. Everyday on this channel, I show you how to make money in crypto. If you like money and crypto, make sure to hit that subscribe button. It’s been a hectic week in the crypto space. We’ve seen Washington hacks try to stifle innovation in DeFi and witnessed the largest network hack in DeFi history, and yet despite some serious FUD, the markets are looking ready for the next leg up. Crypto fear and greed is well in the green at 70+.
Bitcoin is holding the fort above the 200-day moving average, and Ethereum is coiled up like a viper in the long grass, but in the last day or so, it’s been all eyes on ADA after it went on a huge rally of 24% in just as many hours. Yes, anticipation is sky-high. And that’s because Cardano was about to be thrown down with the big boys with an ecosystem that’s ready to take out its nunchucks and mess some people up. In a live stream last week, IOHK’s very own Mr. Miyagi, the all wise and knowing Charles Hoskinson, announced they had successfully entered Alonzo Purple opening up the testnet up to the wider community. To the total disbelief of Cardano doubters, he also gave the news we’ve all been waiting for. Namely that an official date for the hardfork combinator event will be announced on Friday the 13th. Yep, sure is an unlucky day for the ADA skeptics because this means smart contracts are imminent.
And while we don’t know exactly when they’ll be deployed, Charles was clear that it would be before the Cardano Summit in September. I’ll tell you this. You wouldn’t want to be Polymarket right now. Just check out this tweet from July when they wagered a $50,000 bet to Charles about smart contracts not going live by October. Funny, huh? I’ll tell you who isn’t laughing. The Polymarket social media manager that’s about to get side kicked. Meanwhile, Cardano community could be about to see some pretty major returns. And it’s a community that only goes from strength to strength. Just a few days ago, results were announced for the latest Project Catalyst round—Fund5. Charles even dedicated a whole stream to reading out all 70 winners. What a guy. If I did that for the BitSquad, it would take me almost 57 days. And that would get in the way of my kung fu training, so that will have to wait. In the meantime, smash that like button and subscribe button to join the BitSquad and keep the channel ahead of YouTube censorship. It’s hard out there. But the community engagement we’re seeing with Cardano is unrivaled in all of crypto, and the level of voter participation is growing exponentially.
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Fund5 saw 250,000 votes cast from over 30,000 unique wallets. A big step up from Fund4, which was itself a step up from Fund3. At the very start of the year, Fund2 saw just 24,000 votes from 1700 wallets. The momentum shows no sign of slowing down either. Project Catalyst will be soon doubling the allocation for Fund6 to $4 million as well as adding incubators, accelerators and laying more groundwork to upscale the voting process which will take place every six weeks until further notice. You’ve got to hand it to them. Cardano and Project Catalyst are clearly demonstrating the power of decentralized funding and what a strong and committed community can achieve. Speaking of which, with all the anti-DeFi FUD coming out of DC, we need voices in the space who can rally the troops, not just individual token holders, but the entire crypto space. And for anyone who hasn’t seen Charles’ recent video responding to the Senate hearing, I highly recommend you check it out. He doesn’t believe in leaders, which is probably why he’s such a good one. But in 10 minutes, he gives a powerful account of why our broken system needs fixing, It was a damning indictment of an outdated political model and super inspiring stuff. As he pointed out, if it wasn’t for one of the last living dinosaurs blocking the vote for totally unrelated reasons, we would have won because the crypto community came together in ways we haven’t seen before and proved what a powerful force it is, something which never would have happened if it wasn’t for this infrastructure bill. Let’s stick together and remember why we’re here, folks. By the way, don’t forget that you guys can now support Cardano and the BitSquad by staking your ADA right here in the BitPool. That means you don’t just get to earn interest, you can also participate in future funding rounds and governance decisions on Cardano. For more information on staking your ADA, click the link in the description below. So let’s talk price action because ADA is on an absolute tear right now. In our last Cardano update, I talked about how well it held up during the mini bear market, essentially ranging in the same accumulation zone we saw before the run-up in May. As you can see, this area at $1.50 has been a major point of resistance all year. In fact, it has been rejected four times since March. The first time we saw a decisive breakout was in May as price has rallied fast all the way up to a high of $2.46. Yesterday, ADA blasted above the range for only the second time in its history, then came down to test before shooting straight up through the next resistance around the zone here. So what’s next? Well, who knows? By the time this video airs, it might have broken through already. But don’t FOMO, guys. Never FOMO. Buy on the breakout and/or the retest. And if you’re thinking buy the rumor and sell the news at the hardfork combinator event, be warned as anyone who thought Ethereum would dump after the London hardfork found out the hard way. It’s not always the world’s greatest strategy. Sometimes the good news brings in the money waiting on the sidelines. Remember that head and shoulders pattern Peter Brandt was warning us about which we told you to ignore because the fundamentals were saying all the right things? Well, he did spot the breakout yesterday just as it started. He then even suggested price action could be considered bullish as long as ADA stays above $1.25. Well, I’d be pretty surprised to see $1.25 ADA anytime soon. If we go down to test those levels, chances are I’d be scooping up as much as I possibly could. As for price predictions, a figure you’re going to see going around is $5, but I’m going to raise the bar on that. My guess is that if this mainnet rollout goes to script, and I wouldn’t be doubting them at this point, then we could see an $8 ADA by the end of this bull run. It’s all exciting stuff. That’s all I got. Be blessed. BitBoy out.