LuckSide Crypto, a crypto analyst, has suggested that the Cardano price may be on the brink of a significant surge after bouncing back from a recent dip, as outlined in a fresh analysis on January 11th.
Upon examining the charts, LuckSide Crypto pointed out that Cardano (ADA) had reached $0.60 at the time of the video release, following positive news about a potential Bitcoin ETF approval. Subsequently, the price of ADA has experienced a substantial increase, gaining momentum alongside other alternative coins compared to Bitcoin (BTC).
However, the analyst believes that the real indication that the market is just getting started lies in the movement of capital on a larger scale.
In the latest report, the analyst highlighted a significant increase in USDT held on exchanges, totaling 597 million USDT – the highest level in 208 days, with a total flow of $6.6 billion. This suggests that capital is gearing up for buying opportunities.
By comparing USDT inflows during the same period, the analyst suggested that investors are gearing up for major announcements and, consequently, preparing to invest in cryptocurrencies. Despite the possibility of retracements, the analyst firmly believes that this rally for ADA and the broader crypto market is only the beginning.
In his view, when there is ample fuel in the tank, it is unlikely to remain idle.
As of the current writing, the price of Cardano has dipped slightly and is now sitting at $0.5766, according to CoinMarketCap data. Notably, this represents a 14.7% increase in the last day and a 2.1% increase in the last month.
For more insights and updates on Cardano, stay tuned to LuckSide Crypto’s analysis.
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