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Popular crypto analyst Cheeky Crypto provided a thorough review of Cardano (ADA) on YouTube. Sharing critical information about ADA’s current price trends and the future direction of the broader market, the analyst prepared for the Cardano Summit in Dubai.
Downward Trend in Cardano
Analyst using the pseudonym Cheeky Crypto expressed concerns about the near future of ADA, suggesting that the token may not have reached the bottom of the market yet and may be ready for further declines. The analyst highlighted that ADA’s price movement shows a downward trend and the token has failed to break above the significant resistance level of the daily 200 EMA.
Furthermore, the analyst emphasized the impact of Bitcoin‘s market movements on altcoins like ADA. Along with indications of a major correction for Bitcoin on the horizon, the analyst suggested that a decrease in Bitcoin’s value would likely trigger a corresponding decline for ADA.
The analyst set a price target for ADA in the range of 15 to 18 cents, which could signify a significant drop from its current level of around 32 cents. The analyst associated this potential decline with Bitcoin potentially retracing towards $20,000 by the end of the year.
Despite the short-term downward trend, the analyst continues to be optimistic about the long-term potential of the Cardano platform, referring to its strong fundamentals. The analyst advised investors to consider dollar-cost averaging for ADA staking during the downturn. The analyst also mentioned the option of staking with the Cheeky Crypto stake pool to earn rewards and offset the impact of price declines.
Uncertainty in ADA Price
The analyst also shed light on liquidity issues in the Cardano ecosystem, noting that profit-taking by whales and some stake pool operators can affect ADA’s liquidity and potentially lead to price instability. On the other hand, the analyst observed an increase in the Total Value Locked (TVL) measured in ADA in the DeFi space of Cardano, indicating a decrease in circulating supply that could support price recovery in the future. The expert highlighted the growing demand for ADA, supported by the development of over 1,200 dApps on the Cardano network, which is expected to enhance the token’s utility and attract new users.
In conclusion, the crypto analyst indicated a cautious outlook for ADA in the short term. However, balancing this view with confidence in Cardano’s long-term prosperity, the analyst encouraged followers to stay informed about market developments and strategize their investments accordingly.
