As Cardano struggles, market expert Dan Gambardello predicts a potential explosive surge for ADA, targeting $1 in the short term, citing three technical indicators.
Despite a recent bullish trend in the crypto market, Cardano (ADA) has failed to impress investors. While Bitcoin reached $71K, leading rivals like BNB hit new all-time highs, with BNB peaking at $712.
In this upbeat market, ADA initially saw minimal gains but quickly fell back to $0.458, one of the lowest values of the day.
Although long-term investors remain hopeful, Cardano’s current path does not seem to lead to the $1 milestone. Back in March, ADA was close to hitting $1 when it reached $0.807, but a drop in Bitcoin’s price caused corrections that Cardano has struggled to recover from.
Despite these challenges, Dan Gambardello remains positive about Cardano’s future. His analysis points to historical trends and technical indicators suggesting that ADA could soon reach $1.
Gambardello acknowledges the disappointment around ADA’s performance but highlights that the entire altcoin market is still in the early stages of a bullish phase.
Comparing the current market setup to historical patterns, Gambardello believes that ADA could be on the verge of a significant surge. Technical indicators such as the relative strength index (RSI) and the MACD support his prediction.
Gambardello predicts a possible comeback for Cardano, stating that if ADA breaks out of its oversold position, it could experience a remarkable price increase, potentially going “crazy” from a price perspective.
Looking at the past, Gambardello analyzes ADA’s previous climb above $1 and predicts a similar trajectory for the current cycle, suggesting that ADA could reach $1 by the end of this year or early 2025.
Disclaimer: This article is for informational purposes only and should not be taken as financial advice. The opinions expressed are those of the author and do not necessarily reflect The Crypto Basic’s views. Readers are advised to conduct their own research before making investment decisions, as The Crypto Basic is not liable for any financial losses incurred.