The post Will the Cardano Bull Run Continue? Analyst Thinks ADA Will Rally Further But Other Traders Back an Alternative Altcoin appeared first on Coinpedia Fintech News

A renowned analyst thinks Cardano’s bull run is primed for the next leg up, propelling it to $0.7. Currently, ADA is trading at $0.6155, presenting room for a 13% uptick should the prediction play out.

However, others are noticeably more bullish on the newly launched Bitcoin Minetrix, with one top trader speculating it could 100x after its presale surges past $5.3 million.

Cardano Primed for Bullish Breakout Amid a Descending Triangle Formation

In a recent tweet to the social media platform X, trader Ali Martinez presented a potential bull case scenario for Cardano’s next move.

The analyst referenced ADA’s 30-minute chart, providing a breakdown of its price structure and noting it could be about to break to the upside of a descending triangle.

According to Martinez, this would propel ADA to reach $0.7, creating a new local high and confirming an uptrend continuation.

“#Cardano is forming a descending triangle on the lower time frames. A sustained close above $0.638 could trigger a bullish breakout, potentially propelling $ADA toward $0.700,” said the analyst.

However, the tweet also warns investors of the potential risk should ADA break below its $0.613 descending triangle support level. 

Martinez believes a break below could “dampen the #ADA bullish momentum.”

Yet, taking a more mid-to-long-term approach, the trader is highly bullish, predicting ADA could reach up to $1, provided it holds the current support.

In a tweet on Thursday, Martinez referenced an In/Out the Money chart, which visualizes the trading volume at each price level. The chart shows that $0.59 is a key level of interest with the largest volume.

The tweet said, “#Cardano trading above $0.60 could be just what the bulls dreamed! With no significant resistance barriers in sight, the path looks clear for $ADA to move higher.”

However, Cardano has already pumped significantly in recent months, meaning even in Martinez’s bull case, there remains room for just a 62% gain. 

On the other hand, some analysts predict that the newly launched Bitcoin Minetrix could render gains between 1,000% and 10,000% in the coming weeks.

This is because the project is undergoing a presale, so traders can buy it at a heavily discounted price before it launches on exchanges.

Could Bitcoin Minetrix Outperform Cardano After Raising $5.3M?

Bitcoin Minetrix is a groundbreaking Bitcoin mining solution, enabling anyone to cloud-mine BTC effortlessly. The project is undergoing a presale, having raised a whopping $5.3 million in 11 weeks. 

It works by users staking $BTCMTX tokens for Bitcoin mining credits. These credits are non-transferable ERC-20 tokens that can be burned on the platform for cloud mining power, translating to free Bitcoin.

The project is built on Ethereum, so users can get started with an Ethereum-compatible wallet like MetaMask.

Moreover, it does not require hardware or technical expertise to get started. This makes it beginner-friendly and means many more users could start mining Bitcoin, earning passive rewards and bolstering the network’s security.

Meanwhile, the transparent and decentralized $BTCMTX token removes the risk of cloud mining scams, which have become a prominent industry concern.

As such, traders are massively bullish on $BTCMTX, with Jacob Bury predicting it could 10x and No Bs Crypto speculating it could even 100x.

These factors have led to immense hype, causing its presale to explode. Currently, market participants can buy $BTCMTX for $0.0112, but this will rise incrementally throughout the presale, with the next hike happening in 19 hours.

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Filed under: Bitcoin - @ December 17, 2023 2:12 pm