Analyst predicts highest Cardano surge in 208 days

2024-01-11 09:51:11

Crypto analyst LuckSide Crypto suggests that the price of Cardano might just be getting started after recovering from the latest drop, as stated in a new Jan. 11 analysis.

Looking at the charts, LuckSide Crypto highlights that Cardano (ADA) reached $0.60 during the video release, following positive news of a spot Bitcoin ETF approval. ADA price has since seen a double-digit surge, gaining dominance alongside other altcoins against Bitcoin (BTC).

However, the analyst shares that the reason he predicts the market is just getting started comes down to what the money or capital is doing on a larger scale.

In the last day, the analyst calls out the change in USDT held on exchanges is 597 million USDT, the highest level in 208 days, with total flows of $6.6 billion, suggesting that capital is prepping to buy.

The analyst compares USDT inflows in the same period to further suggest that people are preparing for big announcements and, in turn, preparing to buy crypto. He concludes that this run for ADA and the rest of the crypto market is just beginning, although retractments are still possible.

In his words, when there is a lot of fuel in the tank, it’s unlikely to sit idle.

The price of Cardano has since faltered slightly at the time of writing, where it currently sits at $0.5766, according to CoinMarketCap data. Notably, this marks a 14.7% increase in the last day and a 2.1% increase in the last month.

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