While some analysts predict Cardano’s consolidation phase until 2024, patient investors see this as an opportunity to accumulate and position themselves for the next bull run.
Here is the price forecast from the biggest winner to the worst loser of the year. Read on – this could be your golden opportunity too!
Wait for the right moment
Cardano (ADA) has caught the attention of many due to its lengthy consolidation phase, which sparked spirited discussions among crypto enthusiasts and analysts. This phase, which is very similar to the 2018-2020 cycle, has left many people wondering what’s next for ADA.
#CardanoThe current consolidation trend eerily mirrors the 2018-2020 phase!
If history repeats itself, $ADA could remain in this consolidation phase until July 2024.
Barring unforeseen events such as the COVID-19 crash, #ADA could break out as early as December!
pic.twitter.com/CNsulywN5z
— Ali (@ali_charts) October 12, 2023
Is history repeating itself?
Crypto analyst Ali Martinez, a respected figure in the crypto space, has pointed out Cardano’s continued consolidation, compared to the 2018-2020 cycle. This current cycle has already lasted 62 weeks and there are fewer coins in circulation than the previous one. This could mean a breakthrough is on the way, as long as unexpected events don’t rock the market.
It is important to note that Cardano’s price has usually risen sharply at the end of the consolidation phase.
Also read: Cardano offers the biggest opportunity: is this the best time to buy ADA?
ADA Award Analysis
According to the latest data, ADA is trading at $0.2429, showing a slight decline of 2.06%. This dip occurred after the release of US CPI data, which affected overall market sentiment. However, looking at ADA’s performance during the consolidation phase, it is worth mentioning that it previously reached a high of $0.45. This indicates a potential for a price increase in the near future.
Seeing the bigger picture
In a year-over-year analysis, the ADA is down nearly 37% from the previous level of $0.38. While this may worry some investors, it is important to consider ADA’s performance in the broader context, especially during the extensive consolidation. This phase also attracts new interest as people acquire the asset at lower prices and wait patiently for it to reach the desired price level.
The power of community
A key reason for ADA’s resilience is its strong developer community. Cardano consistently attracts attention and active participation, making it a standout project in the cryptocurrency world. This community-centric approach bodes well for Cardano’s long-term potential and could lead to a breakout from the current consolidation phase.
Read more: ADA Price Analysis: Will Cardano Spark a 35% Jump from $0.25?
What’s next for Cardano?
Cardano’s steady consolidation phase has led to differing opinions within the crypto community. Some expect a breakthrough soon, others are cautious and closely monitor changes in the market. With its solid foundation and dedicated community, Cardano remains an interesting project as it navigates through this consolidation phase.
Furthermore, the recent increase in whale accumulation indicates a significant change in value, indicating that a trend reversal may be in the offing.
