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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Analyst Predicts Cardano Future Using Historic Trends, And It’s Very Bullish

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Cardano Small

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A crypto analyst has provided insights into why this year will be “massive” for Cardano (ADA) based on historical data. The analyst also highlighted how patience was key, as ADA could replicate a similar run like the one it did when it saw a gain of 8,288% following about two years of consolidation. 

2024 Could Be Another Breakout Year For Cardano

In a recent video, the analyst behind the Crypto ZX YouTube channel alluded to ADA’s history as he provided a bullish narrative for the crypto token in this new year. He spoke about how Cardano launched at the peak of the 2018 bull market but didn’t make any significant gains until two years later. 

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ADA is said to have broken below the $0.11 support months after its launch and ranged within that time frame from around August 2018 to June 2020. After that, things began to pick up for the crypto token as it went up by 8,288% on its way to hitting its all-time of $3 in 2021.

Based on this, the analyst urged ADA investors to be patient as he expects ADA to break out anytime soon and enjoy a parabolic move. He warned these investors against being like those who currently have regrets about not holding when ADA was at its lowest, considering that some of those who held made millions. 

Cardano price chart from Tradingview.com

ADA price at $0.53 | Source: ADAUSD on Tradingview.com

One Last Chance To Accumulate Before The Next Bull Run

The Crypto ZX analyst mentioned that the bear market cycle ends at the 78.6 Fibonacci retracement level. However, he noted that ADA is currently struggling to break that level as the selling pressure around that range is huge, and there is not enough demand for ADA. Going by previous cycles, he stated that “explosions” could come by May or June.

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In his opinion, though, he believes that Cardano could get to that Fibonacci level before those months. However, he doesn’t expect “massive moves” until May at least. With this in mind and the fact that there could be another “shake-off” before Bitcoin Halving, the analyst believes this is a great opportunity to accumulate as many ADA tokens as possible. 

Meanwhile, the “exciting times” will be in the third and fourth quarter of the year, as that is where this crypto analyst is personally targeting (possibly to take profits). He also predicted that this bull market would be the biggest of all time as he believes that other cryptocurrencies, including Cardano, could get their Spot ETF. 

At the time of writing, ADA is trading at around $0.532, down in the last 24 hours, according to data from CoinMarketCap. 

Featured image from Daily Hodl, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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