A crypto analyst did that insights provided why this year will be “huge”. Cardano (ADA) based on historical data. The analyst also emphasized the importance of patience, as ADA could repeat a similar run to when it saw an 8.288% gain after about two years of consolidation.
2024 could be another breakthrough year for Cardano
In a recent one video, the analyst behind the Crypto ZX YouTube channel alluded to ADA’s history when providing a bullish narrative for the crypto token in this new year. He talked about how Cardano was launched at the height of the Bull market of 2018 but did not make any significant gains until two years later.
ADA is said to have broken below the $0.11 support months after launch and is trading around $0.11 within that time frame. August 2018 until June 2020. After that, things started to improve for the crypto token as it rose 8,288% on its way to its 2021 all-time high of $3.
Based on this, the analyst insisted ADA Investors to be patient as he expects from ADA break out soon and enjoy a parabolic movement. He cautioned these investors against being like those who currently regret not holding their stocks when the ADA was at its lowest, given that some of those who held stocks 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 said the bear market cycle ends at 78.6 Fibonacci retracement level. However, he noted that ADA is currently struggling to break that level because the sales pressure around that range is intense and there isn’t enough demand for ADA. Based on previous cycles, he stated that there could be “explosions” in May or June.
However, he said he believes Cardano could reach that Fibonacci level before those months. However, he does not expect ‘huge steps’ until May. With this in mind and the fact that a shake-off could happen sooner Bitcoin halvingthe analyst believes this is a great opportunity to collect as many ADA tokens as possible.
Meanwhile, the “exciting times” will occur in the third and fourth quarters of the year as this is where this crypto analyst personally focuses (possibly to take profits). He also predicted that this bull market would be the greatest of all time, as he believes other cryptocurrenciesincluding Cardano, could get theirs Spot ETF.
At the time of writing, ADA is trading around $0.532, down over the past 24 hours, according to facts from CoinMarketCap.
Featured image from Daily Hodl, chart from Tradingview.com
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.