The cryptocurrency market has witnessed strong bull markets in the past years. During this period, early investors made significant profits. One of them, popular trader and analyst Lark Davis, shares his hodling strategy for an altcoin that has made significant gains.
Lark Davis’ lucrative ADA investment strategy!
cryptocoin.com As you follow, the crypto market made some people rich in a short time, while others took it to zero on the contrary. Therefore, investment strategies are important in this highly volatile market. According to famous crypto Youtuber Lark Davis, Cardano (ADA) was one of the first cryptocurrencies to make ‘big’ money as it got in quite early.
The crypto phenomenon says he got into Cardano for 3 cents ($0.03). He then states that he held up to $1.20 in 2018 before the bear market started. According to Davis, the price of ADA has dropped to the same $0.03 as it did when it arrived. However, he continued his hodl strategy. In this context, Davis uses the following statements:
Cardano was one of the first coins I made big money. I went in for 3 cents. I kept it up to $1.20 at the top in 2018, never sold. It fell as low as 3 cents in the bear market. So, it did a complete round trip. However, I did not sell it. I sold it for around $1 in 2021. There is a lesson here! I still love ADA.
https://twitter.com/TheCryptoLark/status/16228376941110789632
Then in 2021, the ADA price literally exploded. Cardano witnessed a dramatic increase in value, going from under $0.20 to over $3 in one year. ADA hit $3.10, hitting its latest record high in September 2021. Lark Davis sold some of his assets in 2021, which allowed him to profit from them. According to him, the lessons that can be learned here are being patient and not giving up.
In a bear market, investor sentiment towards cryptoassets is often negative. As a result, some people panic sell their holdings, which further drives down crypto prices. Davis states that he managed to resist the urge to panic sell and then opted for ‘hodl’, which would bear fruit in the long run.
Altcoin price action
Cardano (ADA) was trading at $0.388 at press time, down 1.14% on a daily basis. However, ADA is still in the green zone during the weekly time frame. The altcoin, on the other hand, is currently 87.46% below its peak after the 2022 bear market. It is difficult to determine when a bear market is over. However, investors find some solace in the belief that spring will follow winter as they slowly gain confidence and start another bull cycle.
