ADABTC - Cardano forming a bull pennant on the 4h chart
The bullish uptrend is still intact, and Cardano is forming a bull pennant on the 4h chart against BTC. Measured move from the flagpole on a breakout is around 6100 sats depending on the break point, which also lines up with the ATH candle close from 2018 (ignoring the wicks).
As long as BTC remains above 42k or so, continuation seems likely given the strength of the move so far, and the bullish fundamentals Cardano has for release in the coming months. Smart contracts testnet this month - mainnet release in August, combined with the high cost of other smart contract blockchains at the moment, present a high probability of a high level of adoption.
There isn't much in the way of resistance to a continuation against BTC except for the recent local top.
As long as BTC remains above 42k or so, continuation seems likely given the strength of the move so far, and the bullish fundamentals Cardano has for release in the coming months. Smart contracts testnet this month - mainnet release in August, combined with the high cost of other smart contract blockchains at the moment, present a high probability of a high level of adoption.
There isn't much in the way of resistance to a continuation against BTC except for the recent local top.
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