Similar to last month, BTC is trading within reach of the 20-week, and ADA is poised to make a move higher.
What to look out for
Last month BTC blew past the 20-week MA without coming back to test it as support. Unfortunately, it’s almost back at that level, and however bullish other crypto projects are, BTC’s failure to hold the 20-week will be interpreted as bearish by the rest of the market.
Ideally, a test and hold of that level as support (currently at $42k) should inspire confidence in the rest of the market.
For ADA, its journey is just beginning as projects flock to build on it, and it emerges as an Ethereum challenger. However, assuming BTC holds, and the “sell the news” volatility regarding ADA’s recent upgrade gets washed out, we could soon be seeing new record highs in ADA.
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