Crypto Analyst Predicts Cardano Price is Just Getting Started
A crypto analyst named LuckSide Crypto believes that the price of Cardano (ADA) is poised for further growth following its recent recovery, according to a new analysis on Jan. 11.
Positive News and Double-Digit Surge
LuckSide Crypto points out that Cardano reached $0.60 after news of a spot Bitcoin ETF approval, leading to a double-digit surge in ADA’s price. This surge also resulted in ADA gaining dominance alongside other altcoins against Bitcoin.
Capital Preparing to Buy
The analyst notes that there has been a significant increase in USDT held on exchanges, with a total flow of $6.6 billion and 597 million USDT in the last day. This suggests that capital is preparing to buy into the market.
Preparing for Big Announcements
Comparing USDT inflows during the same period, the analyst suggests that people are anticipating big announcements and are getting ready to invest in cryptocurrencies. Although retracements are possible, the analyst believes this is just the beginning for Cardano and the overall crypto market.
Potential for Growth Despite Minor Setbacks
Despite a slight dip in price, with Cardano currently sitting at $0.5766, there has been a 14.7% increase in the last day and a 2.1% increase in the last month.
Hot Take: The Bullish Momentum Continues
The recent recovery and surge in Cardano’s price indicate that there is still room for growth in the cryptocurrency market. With positive news and increasing capital inflows, investors are preparing for potential buying opportunities. While there may be minor setbacks along the way, the overall trend suggests that Cardano and other cryptocurrencies are just getting started. As the saying goes, when there is a lot of fuel in the tank, it’s unlikely to sit idle. So buckle up and get ready for more bullish momentum in the crypto market.
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