Cardano (ADA) May Be Nearing a Bull Run Against Bitcoin
coinedition.com 08 October 2024 15:12, UTC Cardano (ADA) is showing a “bottom-out” pattern against Bitcoin on the daily chart, and crypto analysts think the altcoin will reverse course soon, potentially starting a bull run. Although ADA hasn’t been very volatile lately, most users believe the altcoin is about to do something notable before the expected overall crypto market rally.
The ADA/BTC daily chart on TradingView shows the pair is retesting significant support. That is the fourth time ADA has tested this level against BTC. In the past, this has led to an ADA rally, with the altcoin gaining approximately 15% against Bitcoin each time. Following the multiple retests and rallies, the ADA/BTC pair has formed a classic horizontal channel that could be important for analyzing ADA’s trend.
Looking at the chart, the ADA/BTC current chart formation shows a sideways channel between a 0.00000552 BTC lower limit and a 0.00000624 BTC upper limit for ADA. A break above the upper limit could start ADA’s bull season. However, it’s important to note that the altcoin’s trend against the U.S. dollar could be different, especially with Bitcoin strengthening against the dollar.
ADA was trading for $0.352 as of writing, with the altcoin’s trend pattern looking a bit different from its behavior against Bitcoin. The ADA/USD daily chart is tilting slightly upward, which could be a bullish sign for the famous altcoin.
ADA: A Sleeper Pick for the Altseason?
As a trading strategy, many traders who are looking forward to the altseason like ADA, thinking it could rally, because it hasn’t moved much even with other altcoins like SUI and TAO making massive gains recently. They believe some of the surging altcoins may have peaked, while others, like ADA, could still break out and move higher.
Read also: Analyst Predicts Bullish Future for Cardano (ADA), $5 Target
The Cardano project has gone through significant changes, including a transition to community-based governance. Most analysts believe the recent updates and adjustments to Cardano will lead to increased adoption and could affect the blockchain token’s price, possibly pushing its value as high as $5.
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