- A crypto analyst said historical price charts indicate that ADA is teetering on the edge of a bull run.
- The analyst said that unlike what most reports show, ADA has been maintaining a decent performance.
- According to the video, the analyst said Cardano is on course to take the crypto ecosystem by storm.
A prominent crypto analyst on YouTube, Crypto Capital Venture, said in a recent video that ADA is teetering on the edge of a potential bull run. He made these comments while referencing data from historical charts to back his claim.
He said, according to the data, that every time ADA fell close to the oversold region, it hit a bull rally. According to the YouTuber, current data suggests ADA is in that region and may repeat the historical patterns.
The analyst stated that, unlike what most reports show, ADA has maintained a decent performance in recent times. Disclaiming reports that most holders are down and the token has so much stacked up against it, he said they do not reflect the reality of the token.
Furthermore, the analyst noted that, unlike most other tokens in this bear market, ADA has recorded a sideways performance in the last 100 days. Data from CoinMarketCap shows that the token is currently exchanging hands for under 25 cents.
Per the video, the analyst said Cardano is on course to take the crypto ecosystem by storm, similar to how Amazon did. He continued that this is because the blockchain is the only one offering solutions to the trilemma in crypto – security, scalability, and decentralization.
Amidst an overall decline in the crypto market, ADA has also seen the value of its token fall by 1.77% in the past 24 hours. However, in the same period, the token’s trade volume jumped by 36%.
On the monthly price chart, the token has lost 4.43% of its price. The token currently sits as the 7th-ranked cryptocurrency network by market cap, with a total of $8.7 billion.
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