A recent analysis by a crypto analyst has shed light on why this year could be “massive” for Cardano (ADA) based on historical data. The analyst points out the importance of patience, as ADA has the potential to replicate its previous significant gains.
Unlike many other cryptocurrencies, Cardano had a slow start. It launched during the peak of the 2018 bull market but failed to make any significant gains until two years later. The price of ADA even broke below the $0.11 support level shortly after its launch and remained range-bound between August 2018 and June 2020. However, after this consolidation period, Cardano experienced an explosive run, gaining 8,288% and reaching its all-time high of $3 in 2021.
Given ADA’s historical performance, the crypto analyst advises investors to be patient and expects ADA to break out soon, potentially enjoying a parabolic move. The analyst cautions against the regret experienced by those who did not hold ADA during its lowest points, as some investors who held made significant profits.
The analyst mentions that in previous bear market cycles, the 78.6 Fibonacci retracement level has marked the end. However, ADA is currently struggling to break this level due to substantial selling pressure and a lack of demand. The analyst predicts that major upwards movements, or “explosions,” could occur by May or June, although he believes Cardano could reach the Fibonacci level before then. However, he does not expect massive moves until at least May.
Taking into account the possibility of another shake-off before the Bitcoin Halving, the analyst sees the current period as a great opportunity to accumulate ADA tokens.
According to the analyst, the most exciting times for ADA investors will be in the third and fourth quarters of this year. These quarters are when the analyst personally targets taking profits, as he believes this bull market will be the biggest of all time. He even predicts that Cardano, among other cryptocurrencies, may acquire a Spot ETF, further catapulting its success.
At the time of writing, ADA is trading at approximately $0.532, experiencing a slight dip in the last 24 hours, according to CoinMarketCap data.
It is important to note that this article is for educational purposes only and does not represent the opinions of NewsBTC. When considering investing, it is crucial to conduct thorough research and understand the risks involved. The information provided should be used at your own discretion and risk.
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