In a recent market commentary, cryptocurrency analyst LuckSide Crypto expressed optimism about Cardano’s ADA token, suggesting that it is primed for a major breakout despite recent price struggles. While acknowledging that ADA has faced challenges in the past, LuckSide Crypto believes that the broader cryptocurrency market is on the verge of a bullish turn.
LuckSide Crypto emphasized that ADA has consistently struggled to break through the 40-to-41 cent range throughout the year. On multiple occasions, it has reached these price levels only to be rejected and pushed back down. This pattern has been observed in May, April, February, and late February. However, the analyst sees this as an indication of positive market pressure.
The analyst predicts that within the next 30 days, the cryptocurrency market will experience a definitive bullish turn. LuckSide Crypto bases this assessment on Bitcoin’s recent ability to hold above its 20-month moving average and establish a new monthly green close. Drawing parallels with Bitcoin’s previous bear market in 2015, the analyst anticipates an explosive upside for the overall digital asset market.
LuckSide Crypto believes that the suppression of digital assets for an extended period has created the conditions for a significant price surge. While ADA has lagged behind other major cryptocurrencies in terms of price performance during recent market volatility, the analyst remains confident that ADA’s time for growth and appreciation is imminent.
While ADA has faced challenges in breaking through key price levels, LuckSide Crypto is optimistic about its future performance. The analyst predicts a bullish turn in the broader cryptocurrency market and sees ADA as a potential beneficiary of this shift. Despite its recent underperformance, ADA is expected to experience significant growth in the near future. Investors should keep a close eye on Cardano’s ADA token as it presents an opportunity for substantial returns.
