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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):
$ADA/ETH
— il Capo Of $NOIA (@CryptoCapo_) August 10, 2021
I prefer holding more ADA than ETH for the next few weeks.
Last bullish confirmation above 57k sats pic.twitter.com/y1tl7FUwks
He went on to explain — why he currently prefers holding $ADA to holding $ETH — via a pair of ADA-ETH price charts:
$ADA/ETH
— il Capo Of $NOIA (@CryptoCapo_) August 13, 2021
Damn, this chart is bullish af. pic.twitter.com/fPagwYUGmU
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.
In anticipation of #Alonzo update and the smart contract announcement, @Cardano is having a massive day that pushed the price over $2. $ADA +12.5% today, +47% in the last week and 10x YTD. 👀🚀https://t.co/O6Pxo1BU7Q pic.twitter.com/5JfAE2vuv0
— CoinCodex (@CoinCodex) August 13, 2021
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.
DISCLAIMER
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.