Disclaimer: The information are based on the data of Cardano provided in every web. You could search it or not. In addition, the information below are not a financial advise, any losses coming from investing ADA that based on this article, neither the author nor Publish0x is responsible. You take into account that investing in cryptocurrency correlates to high risk.
We all witnessed almost 15% price surged for Cardano aka (ADA) recently. Following the announcement of the released Cardano Code on June 30, 2020.
ADA is one of the cryptocurrencies with innovative visions to develop smart contract platforms with an advanced functionalities and scalability than the previously developed protocols. It aims to add visionary features into blockchain focusing on smart contracts.
Upcoming updates will make up ADA`s price into beautiful green portfolio. This is in fact supported with strong fundamentals and upcoming events, to wit are:
Effects after recent rally
So, we are looking for a possible bullish and bearish set-up here:
We are drawing conclusion based on technical and fundamental results.
Technical Results:
Based on the recent rally, ADA already gives hint on to the next short-term price movement. We could barely say, that it could be bearish. Knowing that many traders will take out profit, little by little. As showed in the picture below, it could possibly moved on short-term lower-low price movement. 
Holding on that level, normal surged in the price action involving inorganic pumps will eventually reverse in downward direction (that basically the rule as per pumps and dumps). As most of the trader thought that ADA will reverse eventually. Perhaps, it won`t.
Let us site a reversal example; and it looks like this:
The picture above clearly shows the price reversal action. Pump and dump (reversal price action) happened during the time which certain financial instrument do not hold previous price volume (accumulation) from previous investors/traders of the said instrument.
Looking at the chart above, it clearly showed that it didn`t had an accumulation before it surged high. Added with a weak price volume.
ADA, on the other hand, may not be look like this case as seen in its chart. Later, than its price surged; ADA already consolidated for about 1 month. Most of the consolidation are caused by controlled sell and buy activities. This is off course by exchanges/institutions bots. So technically, the possibility for a reversal price action is so slim.
Now let us site a bearish set-up:
From the point of view of the buyers, this is not the best time to buy ADA; as the price is considered at its peak. In addition, the price is nearing its resistance area of ~1,196 sats. On that level, the price may significantly plummet after it hits this resistance (see Fig. 1.0 below):
Now let us site bullish set-up:
From the point of view of the sellers, the price of ADA right now is still understated pretty quite. Wealthy addresses of Cardano are already active; seeing those addresses previously as inactive. And looking at higher time-frame, ADA was preparing to break that resistance indicated on Figure 1.0.
Conclusion
Knowing the possibility of the upcoming events, ADA will correct the price to sustain its impulse price action in the near future. Fundamental updates will act as the basis for the upcoming bull-run of ADA ( showed in Figure 1.1). The possibility that the price will reverse has been tested based on the elliot wave pattern and rules of reversal price action. With wealthy holders already active in market, the position of ADA in the near future is guaranteed.
Referenced:
1. https://adascan.net/rich-list
