Despite Cardano’s lackluster performance in the market, expert Dan Gambardello predicts a potential explosive surge for ADA, with a short-term target of $1.
The recent bullish momentum in the cryptocurrency market has seen Bitcoin revisit the $71K mark, leading to other coins like BNB hitting new all-time highs. However, ADA has failed to impress investors, with its price currently sitting at $0.458, one of the lowest values in the market.
While long-term investors are hopeful, the trajectory of Cardano does not point towards reaching the $1 milestone anytime soon. Despite initial gains in March, Cardano has struggled to recover from price corrections triggered by Bitcoin’s bearish movement.
Nevertheless, Dan Gambardello remains optimistic about Cardano’s future. He highlighted historical trends and technical indicators that suggest ADA could reach the $1 mark in the near future.
Gambardello acknowledged the frustration surrounding ADA’s price performance but noted that the entire altcoin market is still in its early bullish phase. Drawing parallels to previous market cycles, he believes that ADA’s current setup mirrors its position in 2020.
Technical indicators such as the RSI, Stochastic RSI, and MACD support Gambardello’s prediction of a potential surge for ADA. If Cardano breaks out of its current oversold position, it could experience a significant price increase.
In terms of timeline, Gambardello predicts that ADA could reach $1 by the end of this year or early 2025, based on past market trends and potential retracement patterns.
Disclaimer: This article is for informational purposes only and should not be taken as financial advice. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic does not take responsibility for any financial losses incurred.