A YouTube video from LuckSide Crypto delves into the future of Cardano (ADA) and whether it can reach the $2 mark by the end of 2024. The analyst notes that while ADA remains on trend, the broader crypto market has been consolidating for six months, indicating that a significant price movement is on the horizon.
He compares the current ADA cycle to previous bull market cycles, highlighting that this cycle features longer retracement periods. If ADA maintains this trajectory, the analyst suggests it could potentially hit $1.70 by the close of 2024.
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Challenges & Catalysts
The analyst points out that factors such as adoption, partnerships, and government interest have yet to make a substantial impact on ADA’s price. However, he identifies the full deployment of the Cardano blockchain upgrade, known as the Chang hard fork, as a potential catalyst that could emerge within the next 70 days.
Read Also: Cardano’s ADA Price Breaks Key Pattern, Aiming for Highs Beyond $1.00
Significant whale accumulation has been observed, with over 6 billion ADA purchased. This trend indicates a bullish sentiment among major holders, suggesting confidence in ADA’s future performanc
$2 Price Possibility
While the analyst believes ADA may reach $1.70, he acknowledges that external factors like macroeconomic conditions and regulatory developments could propel it to $2 or even higher, though he warns that this remains speculative.
The analyst shares notable statistics, such as the fact that 6 billion ADA have been acquired by whales, signaling strong confidence in the asset.
Additionally, he mentions that 72% of ADA holders have maintained their positions for over a year, reflecting a strong belief in the long-term value of ADA, despite only 22% currently being in profit, which suggests limited selling pressu
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