A crypto analyst has provided insights into why this year will be “massive” for Cardano (ADA) based on historical data. The analyst also highlighted how patience was key, as ADA could replicate a similar run like the one it did when it saw a gain of 8,288% following about two years of consolidation.
2024 Could Be Another Breakout Year For Cardano
In a recent video, the analyst behind the Crypto ZX YouTube channel alluded to ADA’s history as he provided a bullish narrative for the crypto token in this new year. He spoke about how Cardano launched at the peak of the 2018 bull market but didn’t make any significant gains until two years later.
ADA is said to have broken below the $0.11 support months after its launch and ranged within that time frame from around August 2018 to June 2020. After that, things began to pick up for the crypto token as it went up by 8,288% on its way to hitting its all-time of $3 in 2021.
Based on this, the analyst urged ADA investors to be patient as he expects ADA to break out anytime soon and enjoy a parabolic move. He warned these investors against being like those who currently have regrets about not holding when ADA was at its lowest, considering that some of those who held made millions.
ADA price at $0.53 | Source: ADAUSD on Tradingview.com
One Last Chance To Accumulate Before The Next Bull Run
The Crypto ZX analyst mentioned that the bear market cycle ends at the 78.6 Fibonacci retracement level. However, he noted that ADA is currently struggling to break that level as the selling pressure around that range is huge, and there is not enough demand for ADA. Going by previous cycles, he stated that “explosions” could come by May or June.
In his opinion, though, he believes that Cardano could get to that Fibonacci level before those months. However, he doesn’t expect “massive moves” until May at least. With this in mind and the fact that there could be another “shake-off” before Bitcoin Halving, the analyst believes this is a great opportunity to accumulate as many ADA tokens as possible.
Meanwhile, the “exciting times” will be in the third and fourth quarter of the year, as that is where this crypto analyst is personally targeting (possibly to take profits). He also predicted that this bull market would be the biggest of all time as he believes that other cryptocurrencies, including Cardano, could get their Spot ETF.
At the time of writing, ADA is trading at around $0.532, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Daily Hodl, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Credit: Source link
