- Tom from CryptoBusy attributed ADA’s negative price movement to high levels of FUD.
- In the channel’s latest analysis, Tom predicted that it may take a few years for ADA to rise back above $3.
- At press time, ADA was trading at $0.2944 after it printed a 0.99% loss over the past 24 hours.
In his latest YouTube video, Tom, an analyst from the crypto market analysis channel CryptoBusy, predicted that Cardano (ADA) could climb to above $3 once again, but believes it may take a few years. In the video, the analyst noted that the altcoin is trading around the same price as the start of this year – at around $0.25.
According to Tom, macroeconomic factors suggest that the crypto market is not out of the bear market yet. This is especially true for altcoins, noted the analyst, who believes that there will be no new all-time highs for altcoins leading up to the halving of Bitcoin (BTC) in April 2024.
Nevertheless, the crypto analyst remains bullish on ADA and mentioned in the video that the altcoin still has a future. Furthermore, Tom attributed all of the negative price movement for ADA over the past few weeks to FUD.
At press time, CoinMarketCap indicated that ADA was trading at $0.2944 after it dropped 0.99% over the past 24 hours. Despite the 24-hour loss, the altcoin’s weekly performance remained in the green at +5.42%.
ADA, however, outperformed the two market leaders, BTC and ETH, over the previous day of trading. ADA was up 0.29% against BTC and 0.79% against ETH, at press time. As a result, 1 ADA was approximately worth 0.00000959 BTC and 0.0001528 ETH.
Daily chart for ADA/USDT (Source: TradingView)
From a technical perspective, ADA was trading above the 9-day and 20-day EMA lines at press time. Notably, a bullish technical flag was on the verge of being triggered, as the shorter EMA line was looking to cross above the 20-day EMA line. Should these two technical indicators cross, ADA may look to challenge the resistance at $0.3157 in the next few days.
On the other hand, ADA’s price dropping below the 9-day EMA line in the next 48 hours will invalidate the bullish thesis. In this scenario, the altcoin’s price may fall to the crucial support level of $0.2747.
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