A popular YouTube crypto analyst known as LuckSide Crypto believes Cardano has entered a new bullish era and is poised for significant gains in the coming years.
In a video posted on Nov. 30, the analyst pointed to Cardano’s (ADA) price chart, noting that it has broken out above a long-term bearish trendline that had been in place since August 2022. He said ADA has shown sustainability trading above this level over the past week, even retesting it as support.
ADA’s on the very bullish side of things right now. We’re above that 20-day moving average. We’ve seen very bullish crosses over the last, what, five weeks?
The analyst highlighted bullish moving average crosses on the 20-day, 50-day, 100-day, and 200-day timeframes as technical indicators all flipping positive. He believes this signals the start of a new uptrend in ADA.
The price of Bitcoin (BTC) also remains key, according to the video, as the overall crypto market tends to trade in correlation with it. The analyst noted that Bitcoin had just printed a new yearly high around $38,400. He believes if Bitcoin can close the year out strong, it could provide momentum for altcoins like ADA as well.
Additionally, the analyst cited several potential bullish catalysts on the horizon that could fuel crypto gains. These included a Bitcoin spot ETF, conclusion of the Ripple (XRP) lawsuit, and continuing cryptocurrency adoption.
The trader believes prices seen during this year’s bear market will be “nothing” compared to next year’s if the bull run resumes as expected. While short-term pullbacks are still possible, he says the chances of revisiting the cycle lows under 20 cents are increasingly unlikely at this stage.