The popular YouTube crypto analyst, LuckSide Crypto, has made an intriguing prediction about Cardano (ADA). According to the analyst, ADA has entered a new bullish era and is expected to experience substantial gains in the coming years. This bold claim is based on a careful analysis of Cardano’s price chart, which reveals a breakout above a long-term bearish trendline that had persisted since August 2022.
The analyst emphasizes that ADA has not only managed to sustain its position above this crucial level, but it has also retested it as support. He further points out that Cardano is currently trading above the 20-day moving average, with a series of bullish crosses occurring over the past five weeks on the 20-day, 50-day, 100-day, and 200-day timeframes. To the analyst, these technical indicators indicate the initiation of a new uptrend in ADA.
While Cardano’s bullish outlook appears promising, the price of Bitcoin (BTC) still remains a crucial factor, as the overall crypto market tends to trade in correlation with it. The analyst notes that Bitcoin recently reached a new yearly high around $38,400. If Bitcoin can maintain its strength and close the year on a positive note, it could potentially generate momentum for altcoins like ADA.
In addition to Bitcoin’s influence, the analyst highlights several potential catalysts on the horizon, which could further fuel crypto gains. These include the potential approval of a Bitcoin spot ETF, the resolution of the Ripple (XRP) lawsuit, and the continuous adoption of cryptocurrencies. Should these events unfold as anticipated, the analyst believes that the prices observed during this year’s bear market will pale in comparison to the gains expected next year.
While the analyst envisions a bullish future for Cardano, he does acknowledge the possibility of short-term price pullbacks. However, he deems it increasingly unlikely for ADA to revisit the cycle lows below 20 cents at this stage.
Cardano’s recent breakout above a long-term bearish trendline signifies a new era for the cryptocurrency. With various bullish technical indicators and potential catalysts on the horizon, the analyst has high expectations for ADA’s future performance. Nevertheless, investors should remain cautious, as market fluctuations and short-term pullbacks are still possible. As the crypto market continues to evolve, only time will tell if Cardano indeed fulfills its bullish potential.
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