Some experts have predicted that Cardano will remain in a consolidation phase until 2024. Patient investors, on the other hand, interpreted this as a chance to accumulate savings and prepare for the next bull market.
2024 is the critical year
Cardano (ADA) has attracted attention due to its extended consolidation phase, sparking debate among the crypto community and experts. This phase of stabilization, similar to the period from 2018 to 2020, has raised questions about the future direction of the ADA.
If historical patterns repeat, ADA could continue in this consolidation phase through July 2024. However, according to estimates, if unexpected events such as the COVID-19 market crash do not intervene, Cardano could potentially start gaining upward momentum as early as December.
#Cardano's current consolidation trend eerily mirrors the 2018-2020 phase!
🔴 If history repeats, $ADA could stay in this consolidation phase until July 2024.
🟢 Barring unforeseen events like the COVID-19 crash, #ADA could break out as soon as December! 🚀 pic.twitter.com/CNsulywN5z
— Ali (@ali_charts) October 12, 2023
Leading crypto analyst Ali Martinez noted the ongoing consolidation of Cardano. Comparing this to the 2018-2020 cycle, Martinez noted that ADA’s current cycle, now in its 62nd week, features significantly lower coin volume than the previous cycle. This indicates the possibility of an impending breakout unless unexpected market disruptions occur. Because Cardano’s price has historically seen significant increases at the end of consolidation phases.
It was noted that ADA’s current trading price reflects a decline of 2.06 percent. This decline followed the release of US CPI data, which impacted overall market sentiment. However, it was also noted that in the context of ADA’s consolidation phase, the cryptocurrency reached a high of $0.45, shedding light on the potential for an upward move in the near future.
On a year-over-year basis, ADA is down nearly 37 percent from its previous level of $0.38. Although this situation worried some investors, the importance of evaluating ADA’s performance within the extended consolidation was emphasized. At this stage, new adoption was predicted to occur as people purchased the asset at a lower price and waited for it to reach desired price levels.
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