The Cardano (ADA) price could be finally set for that parabolic move to the upside based on this crypto analyst’s prediction. This comes as the crypto token is about to record its most profitable December since 2017.
ADA Could Rise To $0.7
In a video on his YouTube channel, crypto analyst LuckSide Crypto stated that this was a “moment of truth” for ADA’s price as it could break the current resistance and rise to $0.7. On the other hand, he also mentioned that there was a bearish possibility as ADA could also see a move to the downside. If that were to happen, the token could drop to as low as $0.40.
The crypto analyst noted the fact that there was a huge disparity between the prices on the bullish and the bearish side. That is why he believes that any move that Cardano makes from its current price level will be “explosive.” ADA’s current price range of around $0.61 was in focus as LuckSide Crypto pointed it out as where the highest concentration of liquidity is at right now.
The crypto analyst seemed optimistic about ADA making a bullish move as he highlighted several indicators that suggest so. One of them is a bullish pennant, which he said is “playing out perfectly.” This represents a good sign, as the 20-day moving average is also still ascending. LuckSide Crypto also alluded to the “great things” that are happening on the RSI.
The strength of the broader crypto market is another indicator that the crypto analyst referenced. Bitcoin, in particular, is said to be showing good strength as the retracements in the mar
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Author: Scott Matherson
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