Could 2024 be another breakthrough year for Cardano ADA?

A Crypto Assets analyst analyzed why this year will be a "massive" year for Cardano (ADA) based on historical data. The analyst also highlighted how critical patience is, as ADA can replicate a similar move, just as it achieved an 8,288% gain after about two years of consolidation.

In a recent video, the analyst behind the Crypto ZX YouTube channel mentioned the history of ADA while providing a bullish narrative for crypto Tokens in the new year. He talked about how Cardano was launched at the peak of the Bull Market in 2018, but didn't make any significant gains until two years later.

Allegedly, ADA fell below the $0.11 support level just months after its launch and Fluctuation in the August 2018 to June 2020 timeframe. After that, the situation with the crypto Token began to improve, rising by 8,288% and will reach an all-time high of $3 in 2021.

Based on this, the analyst urged ADA investors to be patient as he expects ADA to explode soon and enjoy a parabolic move. He warned these investors not to be like those who currently regret not holding when ADA was at its lowest, considering that some of these holders have already made millions of dollars.

Crypto ZX analysts mentioned that the Bear Market cycle ended at the 78.6 Fibonacci retracement level. However, he noted that ADA is currently struggling to break above this level because of the strong selling pressure around the range and the lack of demand for ADA. In previous cycles, he said an "outbreak" could come in May or June.

However, in his opinion, Cardano may reach Fibonacci levels by those months. However, he does not expect a "large-scale move" until at least May. With this in mind, as well as the fact that there may be another "shuffle" before BitcoinHalving, analysts see this as an excellent opportunity to accumulate as much ADA Token as possible.

At the same time, the "exciting times" will be the third and fourth quarters of the year, as this is the personal goal of the Crypto Assets analyst (probably for profit). He also predicts that this Bull Market will be the biggest Bull Market ever, as he believes other Crypto Assets, including Cardano, will have access to spot ETFs.

The current ADA is trading at around $0.5346, down 0.02% in the last 24 hours.


(Source: Scott Matherson)