Despite Cardano’s lackluster performance, market analyst Dan Gambardello predicts a potential “crazy” surge for ADA, aiming for a short-term target of $1.
The cryptocurrency market has seen a resurgence in bullish momentum in the last 24 hours, with Bitcoin reaching $71,000 once again. While other competitors like BNB have broken their 2021 all-time highs, Cardano (ADA) has failed to impress investors, currently sitting at a price of $0.458, one of the lowest values of the day.
Although long-term investors remain hopeful, Cardano’s current trajectory does not suggest an immediate move towards the $1 milestone. Despite briefly reaching $0.807 in March, Cardano has struggled to recover from price corrections triggered by Bitcoin’s downturn.
Nevertheless, Dan Gambardello remains positive about Cardano’s future prospects. Through his analysis, he has identified historical trends and technical indicators that indicate ADA could soon reach the $1 mark.
Gambardello acknowledges the disappointment surrounding ADA’s price performance but points out that the entire altcoin market is still in its early bullish phase. Drawing parallels with historical patterns, he notes that Bitcoin’s current setup for the remainder of the bull market mirrors previous trends that have led to altcoins reaching new highs.
Various technical indicators, including the relative strength index (RSI) and Stochastic RSI, support Gambardello’s analysis. He believes that if ADA breaks out of its current oversold position, it could experience a significant price surge, potentially leading to a “crazy” movement in price.
In evaluating ADA’s potential to reach $1, Gambardello looks at the timeline it took during the last bullish trend cycle. By tracing historical price patterns, he suggests that ADA could climb back to $1 by the end of this year or early 2025.
It is important to note that this information is for informational purposes only and should not be considered financial advice. Readers are advised to conduct their own research before making investment decisions. The opinions expressed in this article are solely those of the author and do not reflect The Crypto Basic’s stance. The Crypto Basic holds no responsibility for any financial losses incurred.