Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Sometimes, all it takes is one asset making a strong move for traders to start connecting the dots. Right now, that asset is Binance Coin (BNB), which just surged 20% in three days. The question being asked is: is Cardano (ADA) next?
Market analyst Ali Martinez spotted a familiar pattern. BNB’s breakout had all the signs - strong buying pressure, a technical breakout and a solid momentum shift, with former Binance CEO Changpeng Zhao glorifying the ecosystem and teasing the launch of his own meme coin.
Denys SerhiichukADA, sitting at around $0.80, is showing similar signs. The thought process? If BNB was the first domino, ADA could be the next one to fall - upwards, potentially past the $1 mark.
Momentum in crypto can be contagious. Patterns repeat, assets move in tandem and traders look for familiar setups. It has happened before with these two assets, and some believe it could happen again.
ADA has been hovering around its current range for a while, consolidating, testing levels and waiting for a spark. If the BNB move is any indication, that spark might not be far off - especially with the news of the Cardano ETF breaking out this week.
The catch
Nothing in crypto moves in a straight line, though. The broader market plays a role, sentiment shifts and unexpected news can change everything. ADA might take off, or it might not. But the setup is there, the structure is holding, the buying interest is increasing and the breakout potential is looking stronger by the day.
Godfrey BenjaminSo what's next? ADA traders are watching key resistance levels, scanning for volume spikes and waiting for confirmation. If it goes over $1, it will prove the theory right and might pull in more buyers.
Godfrey Benjamin
Arman Shirinyan
Dan Burgin
Vladislav Sopov