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The price of popular cryptocurrency Cardano (ADA) may see explosive price performance against the leading coin, Bitcoin (BTC), in the near future. At least that is what the ADA/BTC chart suggests. After surging nearly 200% against BTC at the end of last year, the price of ADA peaked at 0.000014 BTC.
Since then, the altcoin started to lose its position on the crypto market, eventually going on a 45% downtrend, at one point experiencing a 60% drop against BTC.
Godfrey BenjaminCurrently, the Cardano token is trading at 0.0000075 BTC, where it finds strong support from the 200-day moving average. The price of ADA has refused to break this level for three consecutive days, which can be seen as an indicator of strength against the leading cryptocurrency.
Furthermore, if we look at the Relative Strength Index (RSI) indicator, we can see that it has dropped to its lowest level since October. This RSI position, combined with support at the 200-day moving average, could signal a possible convergence of technical indicators, indicating a possible bullish reversal for Cardano against BTC.
Can Cardano finally drop ball on Bitcoin?
Analysts cannot deny that this is a powerful combination for the token, suggesting that ADA may be on the verge of a bullish trend. However, it is important to note that nothing is set in stone in the crypto market and volatility remains a factor.
As small signals accumulate, they may form a larger picture that could lead to significant price action in the near future. Whether this is just a coincidence or a sign of a larger trend will soon become clear as the market develops.
Tomiwabold Olajide
Godfrey Benjamin
Dan Burgin
Vladislav Sopov