Prominent cryptocurrency analyst Sssebi posted a positive price prediction for Cardano (ADA). His analysis shows a bullish divergence on the daily chart ADA/BTC that means ADA may be at the bottom against BTC. The analyst mentioned that by looking at the current charts, there are signs that Cardano is ready for a surge.
According to analyst, this optimism is further supported by coin since there is a planned Chang hard fork that Cardano community members are eagerly waiting for. Such upgrades have been known to elicit market optimism, corpulent cryptocurrencies’ price surge in the past. This Chang hard fork is likely to improve on the efficiency and scalability of the network for Cardano token making it even more appealing to investors and developers in the market.
ADA/BTC Bullish Divergence Detected
On the daily ADA/BTC chart, it could be observed that we have a primary bullish divergence setup because the price has been making lower lows while RSI has been making higher lows. This pattern usually points to a reversal, meaning that in the near future, ADA will outperform BTC.
The analyst noted that ADA’s price history reveals that it has not been significantly affected by market swings, even though other cryptocurrencies have. The last few months’ consolidation might be an attractive launching pad for a major advance if the hard fork is the catalyst.
The outlook on the market of Cardano has been rising over the time with many investors considering it as a long term investment. The indications given by the technical analysis and the future hard fork should bring more attention to ADA and might pump the price of it in the short term.
In this regard, Cardano’s performance is carefully monitored by analysts and investors of the crypto market as it develops. With the Chang hard fork on the horizon and insights from Sssebi, there are a lot of reasons to be bullish on ADA.
Should he be correct then Cardano could sky rocket and deliver decent returns to anyone who invested at the prices seen on the chart above. Therefore, based on Sssebi’s assessment of the matter together with the proposed network upgrade, Cardano could be deemed among the digital currencies to look out for.
In a bullish divergence meanwhile on the ADA/BTC chart and with the Chang hard fork set to take place in the near term, token might just be set for a very considerable move up which will no doubt be very interesting for Cardano alike holders and investors.