Cardano Is a Great Asset: Top Crypto YouTuber

“Great asset,” Cardano has returned to the spotlight as analysis highlights the cryptocurrency might be nearing its bottom.

This comes as Cardano trades near multi-month lows, as bears dominate proceedings in the crypto market. ADA is down 3% in the past 24 hours, extending its year-to-date correction to 21%. Still, bullish sentiments remain among enthusiasts.

Key Points

• “Great asset” Cardano has returned to the spotlight as analysis highlights the cryptocurrency might be nearing its bottom.
• An alignment between the Relative Strength Index (RSI) and the historical price base on higher timeframes as an indication of a price bottom.
• Whenever ADA’s RSI drops into the oversold territory at 30, it has historically marked turning points for the coin.
• If ADA continues to defend its current support level, there may be room for a massive rebound.

Cardano Is a Great Asset

A recent commentary from well-known crypto analyst and YouTuber Jeeb McAfee, aka Crypto Jebb, described ADA as “a great asset.” He did so while highlighting the asset’s massive potential as prices trade at levels described as good prices.

His remarks framed Cardano as a great buy, with many bullish ecosystem developments imminent. Recall that Midnight mainnet, the Leios Ouruboros upgrade, and so much more could debut on Cardano this year.

Another strong point is that ADA has a fixed supply of 45 billion tokens, a feature it shares with only a few major cryptocurrencies, such as Bitcoin and XRP. According to him, this makes the blue-chip asset great and currently at a “fantastic” price to buy.

Notably, he mentioned this while quoting Charlie Munger, the vice chairman of Berkshire Hathaway. Although Munger took a cautious stance on crypto, his popular quote, “buy great assets at good prices,” may apply to Cardano at the moment.

Momentum Indicators Hint at a Bottom

Beyond fundamentals, Crypto Jebb suggests Cardano may be nearing its bottom. He cited the alignment between the Relative Strength Index (RSI) and the historical price base on higher timeframes as an indication.

Whenever ADA’s RSI drops into the oversold territory at 30, it has historically marked turning points for the coin. Similar occurrences in December 2022 and October 2023 marked price bottoms that preceded strong rallies.

Currently, Cardano has an RSI of 28.03 around these historic bottom areas. The analyst noted that whenever this happens, it has been an extremely favorable opportunity to invest in the cryptocurrency.

Recovery Targets if Support Holds

Notably, if ADA continues to defend its current support level, the analyst sees room for a massive rebound. Crypto Jebb expects potential targets to be between $1.50 and $2 over the next 12 to 24 months. 

A move to $1.50 would represent an 8.52x risk-to-reward ratio, reflecting a 337% rise. Meanwhile, a push toward $2 would spur a 466% increase, representing an 11.8x risk-to-reward ratio.

Still, nothing is guaranteed. Broader market conditions remain unstable, and volatility can delay any recovery. For now, Cardano’s combination of low prices, historical signals, and ecosystem developments makes it worth watching.