Cryptocurrency analyst LuckSide weighed in on the price movement of cryptocurrencies. Cardano (ADA)Provides analysis of short-term price performance of crypto assets.
Cardano (ADA) is poised for a bullish or bearish trajectory.
Cryptocurrency analysts recently shared In one of his YouTube videos, he made a prediction about Cardano (ADA) along with the cryptocurrency community. In his YouTube video “CARDANO ADA – MOMENT OF TRUTH!,” LuckSide argued that the ADA is at a critical crossroads.
Analysts have released technical forecasts indicating: ADA A major price change is ahead. According to him, this will be a bullish or bearish trajectory for the near future.
LuckSide analyzes ADA’s price chart and looks for signals pointing in the direction of significant price movement. This analysis focuses on the significant price gap in Cardano’s native token.
LuckSide argued that the gap is “where ADA’s liquidity is most concentrated.” This indicates continued selling pressure at resistance levels between “$0.60 and $0.67”, in sharp contrast to the $0.40 level.
This gap represents unexplored territory and hints at a potential strong move given ADA’s price history. He noted that Cardano could rise and test the resistance level around $0.70 or fall to the $0.40 support level.
The cryptocurrency expert also pointed out the robustness and strength of ADA in his video. The stability of pivotal support levels and moving averages highlights the strength of the cryptocurrency asset.
Larger market indicators such as volatility and price stability Bitcoin (BTC), which further supports this elasticity. The analyst also attributed the market move to an impending situation. bitcoin halving Due to market impacts, the event is scheduled to take place in mid-2024.
However, LuckSide acknowledges the unpredictability of the market, noting that unforeseen circumstances have the potential to change ADA’s direction. He also added that a drop to $0.40 “could create an opportunity to purchase tokens at a lower price.”
The growth of the network is similar to Bitcoin
Charles HoskinsonRecent Cardano Founder underlined We acknowledge that the growth of the network mimics the natural growth of Bitcoin. The founders took to X (formerly Twitter) to celebrate the network’s achievements with the community.
In the He also reminded the community about criticism that the network is a useless “ghost chain” with no liquidity.
“Cardano is designed to handle this load,” Hoskinson assured the community. He noted the “huge design space” for optimizing networks and DApps to increase scalability in the short and long term.
He also highlighted the network’s victory without venture capital (VC), media or influencers.
Featured image from iStock, chart from Tradingview.com
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