Popular pseudonymous analyst and trader “Crypto Capo” (“@CryptoCapo_” on Twitter) says that — based on technical analysis — in the short term he is much more bullish on Cardano ($ADA) than Ethereum ($ETH).
He made his bullish comments about Cardano on Tuesday (August 10):
He went on to explain — why he currently prefers holding $ADA to holding $ETH — via a pair of ADA-ETH price charts:
According to data by TradingView, on crypto exchange Binance, currently (as of 09:15 UTC on August 13), ADA-ETH is trading at $0.0006350.
Cardano’s impressive price action against both ET and USD this week is not surprising given the excitement among $ADA investors and traders about the upcoming Alonzo hard fork.
The most likely explanation for the current super bullish investor sentiment is what Charles Hoskinson, the CEO of IOHK (the company that is responsible for development of the Cardano protocol and the software that implements it), said in a video he released on that date.
In this video, Hoskinson said that on Friday (August 13), during Cardano’s mid-month update event, IOHK will announce the date for the Alonzo hard fork (on the mainnet), i.e. the date from which Cardano will provide support for smart contracts. Given how well the Alonzo testing process has gone so far, this date is widely expected to be no later than mid September and possibly as soon as the end of this month.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.