A prominent cryptocurrency analyst by the name of LuckSide Crypto shared his bullish outlook for Cardano in his latest YouTube video on December 12th.
Despite the market performing like shit right now, ADA has actually been pretty resilient.
Luxide Cryptocurrency
While acknowledging widespread confusion, he cited technical analysis indicators that suggest Cardano (ADA) has bottomed and is poised for a breakout. In particular, the LuckSide Crypto host pointed out a bullish pennant pattern forming on ADA’s price chart, which usually indicates a continuation of a previous trend.
We’re printing these cool, big optimistic pendants.
Luxide Cryptocurrency
As for what triggered the recent cryptocurrency sell-off, the analyst theorized that this could represent the “last big move” in the market that he has been anticipating for months. He believes that big players may intentionally stoke fear to solidify their positions. But he doesn’t think these manipulation attempts are gaining much traction.
Analysts have cited $40,000 as a key level for Bitcoin (BTC) to close 2022, which they believe will set the stage for a big rally in 2024. He believes Cardano’s all-time high could still be two years away.
The LuckSide Crypto host also mentioned the potential approval of a spot Bitcoin ETF, which helped boost cryptocurrency sentiment in early 2023. He also believes that continued volatility provides profitable swing trading opportunities. However, he personally avoids such risky strategies during bear markets.