Cardano ($ ADA) could start to outperform Bitcoin soon, suggests technical analyst


Popular cryptocurrency analyst Michaël van de Poppe revealed on social media that he believes Cardano (ADA) is now ready to bounce off lows against the cryptocurrency’s flagship bitcoin to reach new peaks.

In a chart shared with her more than 430,000 followers on the microblogging platform Twitter, Poppe showed that on the ADA / BTC pair, a low appears to have formed and historical trends seem to show that the ADA is now on the verge of reaching a new high against BTC.

While ADA is currently trading for 4,587 satoshis, Poppe predicted a breakout that could see cryptocurrency trading reach 6500 satoshis per token. Against the US dollar, data from CryptoCompare shows Ada is trading near $ 2.2 after rising over 2,100% in the past 12 months.

Cardano’s price spike preceded the rollout of Alonzo’s much-anticipated hard fork, which brought smart contracts to the network. With smart contracts, Cardano can host decentralized applications and compete with Ethereum, Solana and others to host its own DeFi space.

Popular cryptocurrency analyst and trader Benjamin Cowen said in August that he believes the price of ADA has the potential to hit $ 20 this cycle, seeing it hit $ 4.5 if it also works. although BTC, and $ 9 if the price of BTC were to reach $ 150,000. As reported by Florian Grummes, managing director of financial advisory firm Midas Touch Consulting, revealed that he was “pretty sure” that the price of bitcoin is expected to hit $ 100,000 in the near future.

Likewise Bobby Lee, a cryptocurrency industry veteran who co-founded the BTCC exchange and is the brother of Litecoin creator Charlie Lee, revealed in an interview that he expects what bitcoin sees is a Fear of Missing Fear (FOMO) rally by the end of the year that will take its price above the $ 100,000 mark.

As CryptoGlobe reported, pseudonymous trader and analyst Kaleo wrote that in a world where bitcoin trades at $ 100,000 and ETH at $ 10,000, Cardano could overtake all other cryptocurrencies to stand out from the crowd. ‘in a similar fashion to BitTorrent’s BTT token, which grew 1000% in a matter of weeks earlier this year.

Notably, a recent report released by leading digital asset manager Grayscale Investments found that Cardano is undervalued compared to its competitors. Not everyone is optimistic about Cardano, however, as in June billionaire Mike Novogratz revealed he sees him as a “strange cult.”


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading crypto-assets carries a risk of financial loss.


Featured Image Via Unsplash


Comments are closed.