Cardano, the popular cryptocurrency, has recently entered a new bullish era, according to LuckSide Crypto, a well-known YouTube crypto analyst. In a video posted on Nov. 30, the analyst highlighted Cardano’s price chart, emphasizing that it has finally broken out above a long-term bearish trendline that had plagued the coin since August 2022. This breakout is a significant development and suggests that Cardano could experience significant gains in the coming years.
Moreover, the analyst pointed out that Cardano has demonstrated sustainability by trading above the bearish trendline for the past week and even retesting it as a support level. This indicates a strong bullish sentiment surrounding the coin. The price of Cardano has remained consistently above the 20-day moving average, and there have been several bullish moving average crosses on the 20-day, 50-day, 100-day, and 200-day timeframes. These technical indicators turning positive further support the analyst’s belief in a new uptrend for Cardano.
Bitcoin’s Role and Potential Catalysts
The price of Bitcoin (BTC) also plays a crucial role in the overall performance of the crypto market, as many altcoins tend to trade in correlation with Bitcoin. The analyst noted that Bitcoin recently reached a new yearly high of around $38,400, and if it can maintain strength until the end of the year, it could provide additional momentum for altcoins like Cardano. The market’s reaction to Bitcoin’s performance is essential to monitor in order to gauge Cardano’s potential gains accurately.
In addition to Bitcoin’s influence, the analyst mentioned several potential bullish catalysts on the horizon that could further fuel crypto gains. These catalysts include the potential approval of a Bitcoin spot ETF, the conclusion of the Ripple (XRP) lawsuit, and the continued adoption of cryptocurrencies. If these events materialize as expected, the analyst believes that next year’s bull run could surpass the gains seen during this year’s bear market.
Short-Term Pullbacks and Future Outlook
While the analyst remains optimistic about Cardano’s future, he does acknowledge the possibility of short-term pullbacks. However, he believes that the chances of revisiting the cycle lows under 20 cents are increasingly unlikely at this stage. The newfound bullish momentum and the positive technical indicators on the various moving average timeframes provide a solid foundation for Cardano’s upward trajectory.
Cardano has entered a new bullish phase, breaking free from a long-term bearish trendline and showing sustainable trading above it. With potential catalysts on the horizon and Bitcoin’s performance at a yearly high, Cardano is poised for significant gains in the coming years. While short-term pullbacks may still occur, the overall outlook for Cardano remains highly positive. Investors and enthusiasts should keep a close eye on this cryptocurrency as it continues its journey towards new heights in the crypto market.