Cardano 25% Weekly Gain Is More Than Meets The Eye
Over the past week, Cardano (ADA) has absolutely soared. Maybe it was Charles Hoskinson’s rallying cries at a number of events, but more likely than not, it was the project’s recent release of its 1.5 release, the first major update since Ouroboros. ADA is up by 25% in the past week, while Bitcoin and other assets have remained effectively flat.
But interestingly, analyst Credible Crypto claims that ADA’s rally could be the red carpet being rolled out for Bitcoin, so to speak. Credible explained that since the December low, BTC has been a “mirror image of ADA.” As it stands, Cardano is “a few steps ahead,” but if Bitcoin follows the other asset’s lead, Credible expects for $5,000 to be in play.
In a subsequent tweet, the analyst quipped that he is convinced that this theory has some merit, citing a bottoming pattern in a number of altcoin. And with that, he concluded:
This could either be a reversal, or a hell of a bull trap. Regardless, the upside potential here could be massive, so I will definitely keep an open mind and play this move to the upside if I can.
Credible is far from the first to have claimed that Bitcoin could surmount $5,000 in the near future. Popular trader Filb Filb explained that the long-short ratio on Bitfinex’s markets indicates that BTC could very well be in for a 25% gain, thus bringing the cryptocurrency to and beyond $5,000.
Litecoin, Too, Could Be A Precursor To Bitcoin Movements
Interestingly, this comes as similar reports have arisen regarding Litecoin’s seeming correlation with Bitcoin.
In mid-December, LTC was trading at a mere $23. But since that December 14th, which many saw as the bottom for this budding market, the asset, often deemed a silver to Bitcoin’s gold, has decidedly surged to $60 — up 160% off its aforementioned low. While Litecoin has done this all by its lonesome, trader Halo Crypto recently argued that LTC’s move past $60 could set a strong precedent for a Bitcoin run in the near future. He drew attention to the recent performance of the LTC/BTC pair, showing that there are clear similarities in how that chart precedes action in the Bitcoin-to-USD market.
With LTC/BTC recently breaking out drastically to the upside after trending higher for weeks, Halo confirmed that there’s a likelihood that Bitcoin could be in for a bullish reversal too, drawing a cartoon rocket ship to underline his point.
And as biedex.com has reported before, Coindesk has spotted this too. The outlet’s technical analysis team claimed that historically, LTC began to rally prior to BTC. But will this be the case this time? And can the same be said with Cardano?
Photo by André François McKenzie on Unsplash