The popular YouTube crypto analyst, LuckSide Crypto, has recently expressed optimism about Cardano (ADA) entering a new bullish era and anticipating significant gains in the coming years. According to the analyst, ADA’s price chart shows a breakthrough above a long-term bearish trendline that had persisted since August 2022. This development is seen as a positive sign for Cardano’s future performance.
LuckSide Crypto also highlighted the sustainability of ADA’s trading above this level over the past week, with the coin even retesting it as support. This resilience and strength have convinced the analyst that Cardano is currently on the very bullish side of things. The coin has been consistently trading above the 20-day moving average and has witnessed several bullish crosses in recent weeks.
The analyst emphasized the significance of various moving average crosses as technical indicators pointing towards a new uptrend in ADA. The 20-day, 50-day, 100-day, and 200-day timeframes all exhibit bullish moving average crosses, which LuckSide Crypto believes is a strong indication of positive price movement ahead for Cardano.
The analyst also underscored the importance of Bitcoin’s price in determining the overall direction of the crypto market. LuckSide Crypto noted that Bitcoin recently reached a new yearly high of around $38,400. If the leading cryptocurrency can finish the year on a strong note, it could provide significant momentum for altcoins like Cardano.
In addition to Bitcoin’s performance, LuckSide Crypto mentioned several potential catalysts that could fuel Cardano’s growth. These include the potential approval of a Bitcoin spot ETF, the resolution of the Ripple (XRP) lawsuit, and the ongoing adoption of cryptocurrency. The analyst believes that if these factors align favorably, the prices witnessed during this year’s bear market will pale in comparison to what is expected in the upcoming bull run.
While the possibility of short-term pullbacks still exists, the analyst suggests that the chances of revisiting the cycle lows, specifically below 20 cents, are increasingly unlikely at this stage. This implies that Cardano’s price may have already found a solid floor and will likely experience continued growth moving forward.
LuckSide Crypto’s analysis points to a promising future for Cardano. With its breakthrough above a long-term bearish trendline and bullish moving average crosses, ADA seems to have entered a new bullish era. Factors such as Bitcoin’s performance, potential bullish catalysts, and the diminishing likelihood of revisiting previous lows further bolster the analyst’s optimism for Cardano’s significant gains in the coming years.
