Joao Wedson, CEO of cryptocurrency analysis firm Alphractal, emphasized cautious optimism in his assessment of Cardano (ADA).
Wedson noted that the market may have reached a critical “Alpha Price” zone at current levels, and therefore a short-term correction is possible. However, he argued that this decline could create a new buying opportunity within the next few days.
On the other hand, he said that if Bitcoin breaks above the $119,300 level, a strong uptrend could begin in the market.
Speaking specifically about Cardano, Wedson argued that ADA is currently in a distribution phase, which could present a good entry opportunity in the short term. However, he emphasized that the real breakout could occur in the final quarter of the year, saying, “It's possible that ADA will be trading well above $3 by the end of October or the beginning of November.” While acknowledging that this surge could disrupt some technical analysis patterns, Wedson stated that on-chain data is quite promising.
“Our average buy price for ADA is $0.2883. This is a solid position,” Wedson said, also addressing buying strategies.
*This is not investment advice.
