The top of the Bitcoin bull market in 2018 showed that Cardano (ADA) was dominating everything, just like BTC and most of the coins in the altcoin news. Aside from a few select altcoins in Ethereum, XRP and BCH, Cardano was at the top of the market and rallied on a seemingly strong team. As one top analyst predicts, Cardano will become the next leading blockchain and may soon hit highs with a 100% rise.
Since then, however, the cryptocurrency has seen quite the fall from grace. If we see TradingView’s information, the cryptocurrency has collapsed by 96.74% against the US dollar since its all-time high which was well above $1.
The Cardano news now, as the top analyst predicts, may show a rise and explosion in terms of price – and ADA could soon match its high assuming that it surges by 100%. Against BTC, the cryptocurrency has collapsed too and dropped by dozens of percent against this leading digital.
Despite all of this, the top analyst predicts a new case for a massive explosion in the price of ADA against Bitcoin (ADA/BTC). We are talking about Josh Olszewicz, who is the cryptocurrency analyst at Brave New Coin, noted that the chart of ADA/BTC is looking prime for an explosion higher from a technical perspective.
The analyst looked at the following three factors:
- First, the fact that ADA has seen nearly six months of accumulation in a tight range
- Second, the Ichimoku Cloud which is a sort of all-in-one indicator key tracking price levels and trends, which turned bullish for Cardano against Bitcoin
- Last, if ADA makes an end-to-end Ichimoku Cloud move, the price of the cryptocurrency could more than double in a few months’ time
The top analyst predicts that fundamentals aside, ADA has a major potential to grow. He outlined this in a recent tweet in which he also painted a chart with red.
fundamentals aside, $ADA looks absolutely bonkers to me
– nearly 6 month accum
– daily cloud turning bull
– high TF e2e = 2x+ pic.twitter.com/cexF7z0KwX— Josh Olszewicz (@CarpeNoctom) January 22, 2020
Even though ADA is looking extremely bullish from the technical perspective, the long-term outlook for the altcoin seems to be decisively bearish. Per previous reports from analysts, we could see that ADA was part of many portfolios even in the bullish market, when no one expected analysts to put the altcoin in their outlook.
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