Cardano (ADA) May Be Nearing a Bull Run Against Bitcoin

  • Cardano (ADA) shows a “bottom-out” pattern against Bitcoin on the daily chart.

  • Analysts think ADA is setting up for a significant bull run.

  • Cardano’s blockchain updates could trigger increased ADA adoption.

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.

ADA/BTC Daily Chart on TradingView

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.…

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