Slow start of the week in crypto as Bitcoin and Ethereum face slight downturns of over 1% after a solid week. The ADA price also took a hit today as it plunged 4%, now trading around $0.37.
We haven’t covered YouTuber “LuckSide Crypto” so far, but his latest video on ADA price forecast caught our attention. He posted a viral video to his 20k+ subscribers.
What you'll learn 👉
Recent Market Movements
LuckSide Crypto kicked off his video by addressing the elephant in the room – the recent market pullback. It seems he saw this coming, having predicted a 10% dip for many top altcoins, including our friend ADA, after their recent upward sprint.
Speaking of ADA, it had quite the run, jumping about 26% in what felt like the blink of an eye. Now, it’s slowing down, which LuckSide thinks is just the market’s way of catching its breath before potentially gearing up for another climb.
Right now, the ADA price is testing its 50-day moving average. It’s showing some decent support there, which could be a good sign for where it might head next.
LuckSide brought up an interesting point about a potential “sell the news” situation related to ADA’s recent hard fork. Apparently, there’s a bit of an imbalance in the order books – more folks looking to sell than buy, which is putting some downward pressure on ADA’s price.
YouTuber seems to think this sell-off might not stick around for long. He’s hinting that we could see more buyers jumping in over the next few days.
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Show more +Cardano (ADA) Price Prediction
Now, let’s get to the juicy part – where LuckSide thinks ADA is headed next. He dug into some technical analysis, talking about something called the MVRV ratio. In simple terms, it suggests ADA might be gearing up for a more bullish run.
He also mentioned an analysis from xforce Global that’s drawing parallels between ADA’s current pattern and Solana’s bottom before it took off. Get this – they’re throwing around a potential $3 price target for ADA. That’s quite the jump from where we are now!
But let’s not get ahead of ourselves. LuckSide also pointed out a more modest target of $0.42 in the shorter term. However, ADA needs to shake off the effects of a “death cross” it experienced back in May for this to happen.
Big Money and Market Outlook
LuckSide emphasized that a lot of ADA’s future moves will depend on what the big institutional players do. He noted some positive signs, with institutions doing some end-of-week buying recently.
But he’s not throwing caution to the wind. There are still some big economic events on the horizon, like the Federal Reserve’s September meeting, that could shake things up.
Read also: Cardano’s Secret Catalyst: ADA Price Ready to Drop ‘Bombshell’
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