Is BNB Price Forecasting What Cardano Could Do Next?
After a significant rally in January, the Cardano price troubles have increased, as the token is becoming the victim of volatility. This altcoin was among the bullish cryptos at the time, hitting an ATH at $3.10, but is struggling to move past $1 these days. However, new findings reveal the possibility of extreme gains if Cardano (ADA) follows the BNB price trajectory. How? Let’s discuss.
BNB Price Pattern Could Push Cardano to $1
A well-known crypto analyst, Ali Martinez, claims that the Binane Coin (BNB) may become the light in Cardano’s struggling phase, especially after the recent uptrend. According to Ali’s prediction, the ADA token could witness a similar BNB price rally, pushing its value to a psychological level of $1.
Ali highlights the similar structure between the Cardano and the Binance Coin price chart, where both digital assets faced significant downtrends before rebounding. Interestingly, this rebound is led by the BNB token, building speculation around their connection.
With that, Ali predicts that a BNB’s breakout past $650 could fuel the Cardano’s rally to $1. Interestingly, this breakout has already happened, and ADA witnessed a slight surge, increasing the credibility of this prediction. However, the $1 market will only be possible if it continues to mirror the same trajectory.
If $BNB is front-running the market, we should expect a similar price action for #Cardano $ADA!
Multiple technical indicators support this theory, especially as the Cardano price movement mirrors Binance Coin’s previous movement. If this trend continues, ADA could break the $0.82 resistance before hitting $1.
Although the token is currently worth only $0.7805, a bullish trajectory can push the Cardano price to $15 in an optimistic scenario, according to various analysts.
Will Binance Price Hit in New ATH Amid this Bullishness?
Although the crypto market and most assets are witnessing high volatility, BNB price began the earliest recovery trail. It currently trades at $702.94 with a 90% pumped trading volume of $3.76B.
With that, the price has surged 9% today and 21% over the week, thanks to Binance’s strategic treasury reallocation. This reallocation reduced the exchange’s BTC, ETH, and SOL holdings and maintained the large BNB holding.
A recent CoinGape blog explained the potential bullishness of the Binance coin, revealing that the key resistance is at $675. Once this is overcome, the Binance Coin price could break out towards $704. More importantly, if the token breaks all the major resistances and barriers past this, BNB could create a new ATH at $800.
What’s Next?
The similar chart trends between Binance and Cardano suggest that the latter could witness a breakout to $1 if it kept following the trend. Binance Coin has recently gained bullish momentum, as its value has grown 9%. With the strategic moves and developments, the BNB price prediction says this token is also heading towards the new ATH at $800.
Still, ADA’s rally is more significant due to its continuous downtrend. Investors must carefully monitor the performance of both these tokens.
The post Is BNB Price Forecasting What Cardano Could Do Next? appeared first on CoinGape.
