Cardano (ADA) is eyeing on $5, according to analyst Brian Jung
High-profile analyst Brian Jung shares with his subscribers the latest updates on Cardano and its upcoming price movement for the month of September.
According to the trader, a few days ago, Cardano (ADA) has gone ahead and hid the $3 resistance level but then fell back and been accumulating: “The reason why we’ve actually seen Cardano falling quite a bit in price is that we have been seeing a lot of fud in the market,”
However, he strongly highlights that this is another buying opportunity for anyone who had missed the Cardano train.
Analyst Jung then elaborates the recent fud about Cardano recently. In particular, he says that there has been a lot of social media speculation (outright fud and misinformation) over Cardano’s ledger approach and specifically concurrency:
“Cardano is a UTxO blockchain, which utilizes a different programming paradigm for DApps than on account-based blockchains like ETH. The specific flavor Cardano uses is the eUTxO which offers greater security, allows for fee predictability, and offers more powerful parallelization,”
The trader adds that dApps are not limited to 1 transaction per block. By designing their service or application with multiple UTxOs, developers can enforce more parallelism. This is inherent and one of the advantages to eUTxO design as Cardano has implemented it in Plutus.
Brain Jung highlights that ADA’s pullback is a great opportunity for buying as there is one major event that is coming out very soon. In particular, September 25th and September 26th are going to be the biggest event ever for Cardano.
“Cardano Summit is actually going to happen about 10 days after they go ahead and launch their smart contract Alonzo, which is happening on September 12th,”
Brain Jung expects to see Cardano reach $5 at the end of September, especially if bitcoin is able to break past $58,000 and near its previous all-time highs.