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 market are lessening. Indeed, Bitcoin’s volatility is at a record low as the flagship cryptocurrency is on course to complete its first year without a 30% pullback.
ADA price runs through December in the green | Source: ADAUSD on Tradingview.com
Cardano Closing This Year On A High
ADA is on course to record its most profitable December since 2017 when it rose by 517%. According to data from Cryptorank, ADA’s price has risen by 62% this month. This marks a turn of events for the crypto token, considering that it declined by 23% and almost 16% in December 2022 and 2021, respectively.
Source: CryptoRank
The profit recorded this month also marks a befitting way to close the last quarter of the year, a period in which ADA has experienced some sort of resurgence. In October and November, ADA rose by 15% and 28%, respectively. During this period, the Cardano ecosystem has also become more bullish than ever.
The network saw a surge in its activity, with the blocks being produced reaching maximum capacity. Meanwhile, the Cardano DeFi landscape has also continued to flourish. Total Value Locked (TVL) on the network recently recorded a new all-time high (ATH) of $444 million.
ADA’s much improved DeFi capabilities also happen to be one of the reasons analysts believe that the crypto token will be one of the biggest gainers in the next bull run. Crypto expert Jason Appleton believes ADA could rise to as high as $32 then.
Featured image from CoinMarketCap, chart from Tradingview.com