Cardano bull pennant eyes 70% ADA price breakout

Cardano, Cardano bull pennant eyes 70% ADA price breakout
“Profits Key” by Got Credit is licensed under CC BY 2.0

Key Cardano Takeaways:

  • Cardano’s native token ADA could break over $3.5 in the upcoming sessions.
  • The blockchain company’s new partnership might fuel the rally.

YEREVAN (CoinChapter.com) – ADA, the native token of the open-source blockchain platform Cardano, flashed a bullish formation on its daily chart. The ADA/USDT pair traded at $2.16 and raised expectations for additional gains by 70%.

Cardano’s token formed a pattern called the Bullish Pennant. It consists of two converging trendlines with a similar slope. They have prevented the digital asset from breaking in either direction. The Pennant, unlike the symmetrical triangle, appears after a pronounced rally or decline.

ADA rallied over 180% prior to the Pennant, so Cardano bulls could expect gains equal to the height of the Pennant. If the prediction pans out, the digital asset could hit $3.6 in the upcoming sessions.

Cardano's bullish pennant could take ADA up 70%. Source: ADAUSD on TradingView.com
Cardano’s bullish Pennant could take ADA up 70%. Source: ADAUSD on TradingView.com

The uptrend underway could be brewing based on technical indicators and Cardano’s new collaborations as well.

Also read: Cardano partners with Oasis Pro, Chainlink, Dish Network and gets in the NFT race, but ADA is lagging behind.

What else could drive the ADA rally?

The smart contract platform entered a new partnership with Bondly Finance, a blockchain engineering company. Input Output, the “driving force” behind Cardano, announced the creation of their “official cross-chain ‘bridge’ to connect the Cardano and Ethereum networks.”

The company claims that the bridge will allow NFT creators to seamlessly transfer their NFTs from the largest DeFi platform onto Cardano. Q1 2022 is the estimated time frame for the bridge launch.

The jointly-created bridge will provide NFT creators with an eco-friendly solution for their NFTs to combat the energy inefficiency of Ethereum’s Proof of Work solution. While Bitcoin and Ethereum currently use an amount of energy similar to Oman and Columbia, respectively, Cardano will only ever use the energy equivalent of a family home.

claimed the announcement.

Harry Liu, Bondly chief executive, asserted that the company is a “pioneer” of the NFT movement. He also called the smart contract platform “one of the most hotly anticipated ‘third generation’ networks,” expressing his excitement about the partnership.

Also read: Sell the news? Bitcoin drops from $67K to $62K in just a day as BTC ETF hype fades.

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