LuckSide Crypto, a renowned crypto market observer on YouTube, recently took to his channel on the video-sharing app to communicate some bold presumptions on the Cardano (ADA) price trajectory.
According to LuckSide, crypto enthusiasts should anticipate an exponential expansion in Cardano’s market value in the coming years.
Cardano Broke Above A Long-Standing Bearish Price Trend
In the video making rounds in the crypto sphere, LuckSide displayed ADA’s price chart, noting that the digital asset has been held in a bearish outlook since August 2022.
However, recent happenings indicate that the token has broken through to escape the bearish stronghold.
According to the Youtuber, ADA traded above the resistance level, hindering its expansion in the past week. The crypto expert added that the token even retested this opposition price level as support.
Driving his assertion further, the crypto market analyst spotlighted moving averages crossing the 20-day, 50-day, 100-day, and 200-day intervals. Notedly, all flipped to the positive side, corroborating LuckSide’s claims of an imminent bull run for ADA.
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Other Crucial Events Propelling ADA Price Expansion
LuckSide drifted a bit in his video to talk about the possible influence of the Bitcoin (BTC) price actions on the overall crypto market outlook, which included ADA.
Per the crypto market expert, Bitcoin recently achieved a new trading high for the year when it attained price levels of about $38,400. He noted that should BTC maintain its impressive trend and close this year strongly, it could provide the right spark for a booming crypto market.
Aside from Bitcoin maintaining an impressive market outlook, LuckSlide also highlighted spot Bitcoin Exchange-traded funds (ETFs) and the conclusion of the court battle between the United States Securities and Exchange Commission (SEC) and Ripple as potential catalysts.
The SEC has initiated discussions about the spot ETF with relevant crypto exchanges, implying hope for a favorable decision soon.
On the other hand, Ripple has scored significant victories against the SEC this year. All things being equal, every indication seemed to point to an optimistic outcome for the firm.
Concluding his take on crypto assets price movements, LuckSide noted that prices in this year’s bear season will be meager compared to what would be obtainable in 2024 if the bull season kicks off as expected.
Meanwhile, ADA is changing hands at approximately $0.38. It is down by 0.3% in the past 24 hours. The crypto asset boasts a market cap of $13,239,092,962 and a trading volume of $271,480,451.
Chinedu Agbakwusi is a medical student at the prestigious Nnamdi Azikiwe University with sound knowledge of the crypto space. I am here to be a reliable plug for well-researched crypto content ranging from crypto news to market analyses and blockchain inventions.
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