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Crypto analyst remains bullish on Cardano despite market turbulence
A prominent crypto analyst who goes by the name LuckSide Crypto shared an upbeat outlook on Cardano in his latest YouTube video on Dec. 12th.
While acknowledging the broader turbulence, he cited technical analysis indicators that suggest Cardano (ADA) may be bottoming out and poised to break out. Specifically, the LuckSide Crypto host pointed to a bullish pennant pattern forming on ADA’s price chart, typically signaling a continuation of the prior trend.
As for what’s sparking the latest crypto sell-off, the analyst theorized it could represent the “one last big shakeout” in the market that he had anticipated for months. He believes large players could be intentionally stoking fear to consolidate their positions. However, he thinks the attempted manipulation is failing to gain much traction.
The analyst cited $40,000 as a key level for Bitcoin (BTC) to close 2022 above, which he believes would set the stage for a big upside in 2024. He thinks all-time highs for Cardano could still be a couple of years away.
The LuckSide Crypto host also touched on the possibility of a spot Bitcoin ETF approval, helping boost crypto sentiment in early 2023. Additionally, he believes lingering volatility presents lucrative swing trading opportunities. However, he personally avoids such risky strategies during bear markets.