Weekend Update: Starting Coverage on ADA: Cardano Those who follow me know I'm a fan of Tier-1 Crypto (BTC, ETH and SOL). But I have been keeping tabs on ADA for a while now from a price action standpoint. Its layered architecture seems to be an interesting alternative to other ecosystems; as well as, the network can become more decentralized than others. ADA would NOT be a utility contender to the likes of Solana. It is PoS like Solana but its TPS is not even worth discussing when even mentioning Solana. That is not a ringing endorsement for ADA but considering it's TPS is still 15X faster than ETH and almost 30X that of BTC, its other attributes are interesting to me. Nonetheless, I believe the Solana ecosystem can learn something from ADA regarding the 2 most prominent features I can attribute value to above.
From a technical standpoint, ADA is in much the same position as Tier-1 with one exception...it's start. I have discounted the entire pattern from inception to March 2020 as its participation is something I would not associate applying EWT to. If anyone has concerns, questions on why I have chosen to do that, please leave a comment. From that timeframe, the above chart applies.
I would anticipate that ADA will strike the .382% extension of the initial pattern I'm counting sometime in the next two years. The .382% should represent wave i of I of 3. Wave 3 could take a decade to unfold, and if ADA is just following an ideal path, could be worth a whopping $1,381.00 in 2030-2035. I will update this chart from time to time but only on a daily increment basis. Even though I have added it to my coverage basket, I have no plans to post micro counts and hover of each and every price machination into the future. My conclusion is ADA could be a very lucrative investment to buy, stake and forget about it.
Prior to posting this update: I did purchase 10,000 ADA and will stake in either my Trust Wallet, or my Atomic Wallet....currently sitting in my Coinbase Account.
Best to all,
Chris
