While some analysts predict Cardano’s consolidation phase until 2024, patient investors see this as an opportunity to accumulate and position themselves for the next bull run.
Here’s the price prognosis of the top gainer to the worst loser of the year. Read on – this could be your golden opportunity too!
Wait for the Right Moment
Cardano (ADA) has caught the attention of many due to its long-lasting consolidation phase, sparking spirited discussions among crypto enthusiasts and analysts. This phase, quite similar to the 2018-2020 cycle, has left many people wondering about what’s next for ADA.
Is History Repeating Itself?
Crypto analyst Ali Martinez, a respected figure in the crypto world, has pointed out Cardano’s ongoing consolidation, comparing it to the 2018-2020 cycle. This current cycle has been going on for 62 weeks and has fewer coins in circulation compared to the last one. This could mean a breakthrough is on the way, as long as unexpected events don’t shake the market.
It’s important to note that Cardano’s price has usually surged at the end of consolidation phases.
Also Read: Cardano Flashing the Biggest Opportunity: Is This the Best Time to Buy ADA?
ADA Price Analysis
As of the latest data, ADA is trading at $0.2429, showing a slight 2.06% drop. This dip happened after the release of US CPI data, which influenced overall market sentiment. However, if we look at ADA’s performance during the consolidation phase, it’s worth mentioning that it previously reached a high of $0.45. This suggests the potential for a price increase in the near future.
Seeing the Bigger Picture
In a year-over-year analysis, ADA has fallen by nearly 37% from its previous level of $0.38. While this might concern some investors, it’s important to consider ADA’s performance in the broader context, especially during its extended consolidation. This phase also attracts new interest as people acquire the asset at lower prices and patiently wait for it to reach their desired price levels.
The Power of Community
One big reason for ADA’s resilience is its strong developer community. Cardano consistently draws attention and active participation, making it a standout project in the cryptocurrency world. This community-driven approach bodes well for Cardano’s long-term potential and could lead to a breakthrough from the current consolidation phase.
Read More: ADA Price Analysis: Will Cardano Trigger A 35% Jump From $0.25?
What’s Next for Cardano?
Cardano’s steady consolidation phase has led to various opinions within the crypto community. Some expect a breakthrough soon, while others are being cautious and closely watching for changes in the market. With its solid foundation and dedicated community, Cardano continues to be an interesting project as it navigates through this consolidation phase.
Moreover, the recent increase in whale accumulation indicates a significant change in value, suggesting that a trend reversal might be on the horizon.
Source: https://coinpedia.org/altcoin/cardano-ada-price-to-remain-in-consolidation-phase-until-2024/