2024-8-15 14:30 |
Many crypto investors have been concerned about how Cardano’s ADA is falling behind, as they think time is running out and their token has not yet kicked off the long-awaited rally.
However, LuckSide Crypto, a YouTube channel with more than 20,000 subscribers, believes there is still plenty of time for ADA to spike. The crypto analyst who presented the video still sees ADA following a similar pattern as it did in the last cycle.
He said Cardano is “kind of a late market mover,” and it usually performs well when the retail market is excited.
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Show more +Show less – Visualization of the Market CycleThe crypto analyst said that the bull market is not likely to peak until October 2025, and Cardano’s ADA still has a lot of time to make a major rally.
In the early part of the ongoing market cycle, the market had a huge correction after some massive surges. This correction raised some alarm, but the analyst is hopeful since the bull market still has a long way to go. He is seeing 14 more months but believes it can be shorter or longer.
Why a Spike to $7 Still Looks PossibleWhile ADA is a fast-moving asset, and $7 looks like a crazy amount in a short period, it is a 20x move.
However, a look at ADA’s past price action shows that some 2x to 5x moves have occurred in the past, and they only happened in a couple of weeks. This explains why a 20x move in months is still possible.
Read Also: Expert Maps Solana’s Path to $1000, But Here’s the Catch for SOL Price
The sentiment of the market during the early cycle is not close to what it is at the height of the market cycle. When the real bull run starts, a lot of capital will flow into Cardano’s ADA, like it did when it spiked from $0.13 to $3.
Once the bullish move starts, sentiment starts to rise, and capital starts to come in for fear of missing out. This continuously pushes the price up.
Elliot Wave Pattern Points to Potential RallyThe price action is still following the analyst’s 5-wave pattern to the upside. The wave seems to have completed phase two and is looking to rise upwards for phase 3.
However, the presenter warned that this is not financial advice, but he thinks the next leg up may last for a very long time (possibly until March next year).
It won’t be a straightforward movement, as there will be a number of corrections along the way. When big moves happen, big corrections are also expected to follow.
People are worried about things going to zero and ADA fading away, but when you have such a strong community like ADA has, people frankly aren’t willing to sell at these prices.
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