The post Analysts Differ on ADA’s Future, Favoring Alternative Altcoin appeared on BitcoinEthereumNews.com.

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…

---

Filed under: News - @ December 17, 2023 2:14 pm