Analyst: Make or break moment coming for Cardano

2023-12-27 21:45:58

A crypto analyst behind the LuckSide Crypto channel predicts Cardano will make a major price move within days based on technical signals he sees converging in the charts.

In his Dec. 27 YouTube video, the analyst laid out a technical analysis predicting that the Cardano (ADA) cryptocurrency will make a decisive bullish or bearish move in the next few days.

This is the moment of truth for ADA. It needs to make a decision here about whether obviously it’s going to move to the upside or to the downside.

LuckSide Crypto

The analyst pointed to converging signals in ADA’s price charts showing a build-up toward an explosive price swing one way or the other.

ADA seven-day price chart | Source: CoinMarketCapSpecifically, the analyst highlighted a large price gap between resistance around the $0.60 to $0.67 range, where ADA has repeatedly run into selling pressure recently, and support around the $0.40 level. In between lies open air with little price history.

According to the analyst, ADA could surge upward to test resistance around $0.70 or break downwards and “come down and test” the key support level around $0.40 before the end of December. The analyst sees signs of strength in the market that make him believe an upward breakout is more likely.

For example, ADA holds key support levels and moving averages, while broader metrics like Bitcoin’s (BTC) price and volatility show stability. Additionally, the analyst believes the crypto market is building momentum before Bitcoin’s closely approaching biennial “halving” event in mid-2024, which has historically sparked sharp rallies.

Still, the analyst acknowledged the possibility of surprise events that could alter the market’s course. And he said a drop toward $0.40 could present “more opportunities to buy cheaper.”

The analyst concluded that ADA will decide which direction it is heading in the next few days.

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