Despite market turbulence, crypto analyst maintains bullish outlook on Cardano
In his latest YouTube video on December 12th, a well-known crypto analyst known as LuckSide Crypto shared an optimistic perspective on Cardano. Despite acknowledging the overall turbulence in the market, the analyst pointed out several technical analysis indicators that suggest Cardano (ADA) may have hit its bottom and could soon experience a breakout. Specifically, he highlighted the formation of a bullish pennant pattern on ADA’s price chart, which typically indicates a continuation of the previous trend.
Regarding the recent crypto sell-off, the analyst speculated that it could be the “one last big shakeout” in the market that he had been expecting for months. He believes that major players in the industry may be intentionally spreading fear to consolidate their positions. However, he noted that this attempted manipulation seems to be unsuccessful in gaining much traction.
The analyst emphasized the importance of Bitcoin closing above $40,000 by the end of 2022. He believes that achieving this milestone would pave the way for significant gains in 2024. In terms of Cardano, he believes that reaching all-time highs could still be a couple of years away.
The LuckSide Crypto host also discussed the potential approval of a spot Bitcoin ETF, which he believes could boost crypto sentiment in early 2023. Additionally, he sees opportunities for profitable swing trading due to the lingering volatility in the market. However, he personally avoids engaging in such risky strategies during bear markets.
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