- Tom predicts Cardano (ADA) may surpass $3 mark in a few years.
- Altcoins won’t reach new price levels until Bitcoin halving in 2024.
- ADA maintains positive outlook despite recent price fluctuations.
In his most recent YouTube video, Tom, a prominent analyst from the esteemed crypto market analysis channel CryptoBusy, made a compelling prediction regarding the potential ascent of Cardano (ADA) to surpass the $3 mark once more. However, Tom cautiously suggests that this remarkable milestone may take a considerable period, spanning a few years. Throughout the video, the astute analyst astutely observed that the altcoin’s current trading value hovers around the same level as this year’s commencement, approximately at $0.25.
Tom’s analysis of macroeconomic indicators shows that the cryptocurrency market has yet to emerge from its bearish phase. This observation holds particularly true for altcoins, as highlighted by the analyst, who believes that altcoins will not experience any new record-breaking price levels until the Bitcoin (BTC) halving event in April 2024.
Despite recent price fluctuations, the crypto analyst maintains a positive outlook on ADA and asserts that the altcoin holds significant potential. In a video, the analyst emphasized that ADA’s prospects remain promising. Additionally, Tom attributed the downward price trend of ADA in recent weeks solely to Fear, Uncertainty, and Doubt (FUD) circulating in the market.
As of the latest update, CoinMarketCap reports that ADA is currently traded at $0.2944, reflecting a 0.99% decline over the past 24 hours. However, despite this short-term setback, the altcoin has managed to maintain a positive weekly performance of +5.42%.
On the other hand, ADA exhibited superior performance compared to the two dominant players in the market, BTC and ETH, during the preceding trading day. At the time of writing, ADA demonstrated a 0.29% increase against BTC and a 0.79% increase against ETH. Consequently, the approximate value of 1 ADA stood at around 0.00000959 BTC and 0.0001528 ETH.
From a technical standpoint, ADA traded above the 9-day and 20-day Exponential Moving Average (EMA) lines at the analysis time. It is worth noting that a bullish technical flag was on the brink of being activated, as the shorter EMA line appeared poised to surpass the 20-day EMA line. If these two key technical indicators intersect, ADA could aim to test the resistance level at $0.3157 within the upcoming days.
However, it would negate the optimistic outlook if ADA’s price dipped below the 9-day Exponential Moving Average (EMA) line within the next 48 hours. In such a situation, the altcoin’s price could decline towards the critical support level of $0.2747.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
