Despite Cardano’s recent underperformance in the market, market analyst Dan Gambardello suggests that three technical indicators point to a potential significant surge for ADA, with a short-term target of $1.
The cryptocurrency market has seen a resurgence in bullish momentum over the past day, with Bitcoin reaching the $71K mark once again. Meanwhile, competitors like BNB have broken their 2021 all-time high, hitting a new peak of $712.
In contrast, Cardano has failed to impress investors, with its price currently sitting at $0.458, one of the lowest values in the market today. Despite initial gains, ADA has struggled to maintain momentum.
While long-term investors remain hopeful, Cardano’s current trajectory does not suggest an immediate move towards the $1 milestone. Gambardello remains positive about ADA’s future, citing historical trends and technical indicators that support the potential for ADA to reach $1 soon.
Gambardello acknowledges the disappointment surrounding ADA’s recent price performance but emphasizes that the entire altcoin market is still in the early stages of a bullish phase. Drawing parallels to historical patterns, Gambardello believes that Bitcoin’s current setup could lead to new highs for altcoins, including ADA.
Various technical indicators, such as the relative strength index (RSI) and Stochastic RSI, support Gambardello’s analysis. He notes that Cardano’s current chart mirrors its position in 2020, indicating a potential price surge in the near future.
Looking at Cardano’s historical performance, Gambardello predicts that ADA could reach $1 by the end of this year or early 2025, based on previous trends. However, he advises readers to conduct thorough research before making any investment decisions, as this content is for informational purposes only and should not be considered financial advice.