Cardano expert Dan Gambardello is optimistic about the future of ADA, predicting an end to its “boring” phase as it gears up for a breakout amidst Bitcoin’s recent surge.
Today, Cardano (ADA) saw a 3.3% increase, trading at $0.3574. However, it remains 2.4% below its weekly high of $0.3669. In contrast, Bitcoin has spiked over 8.11% in the past week, hitting a seven-month high of $73,500.
Over the month, Cardano holders are facing an 8.62% loss, while Bitcoin has seen a 12% increase over the last 30 days. Despite Cardano’s struggles to catch up with Bitcoin’s upward trend, analyst Dan Gambardello believes that ADA’s lackluster performance is about to change.
In his recent analysis, Gambardello noted that Cardano has been stagnant while Bitcoin continues to hit new highs, nearing its all-time peak. He reassured ADA holders that the current situation is normal, pointing out that Cardano is 88% down from its all-time high, while Bitcoin is just 1.88% away.
Gambardello highlighted that Cardano’s current price action is consistent with historical trends, comparing it to a similar point in the previous cycle when Cardano remained steady as Bitcoin broke out. He suggested that ADA could follow a similar pattern soon, with indicators aligning for a potential surge.
As other analysts like Ali Martinez also predict a bullish trend for Cardano this November, Gambardello advised ADA holders to pay attention to technical indicators that are showing positive signs. He emphasized that the overall sentiment could shift, especially with Cardano’s integration with BitcoinOS in the picture.
Gambardello, who has been following these cycles since 2018, emphasized that while Cardano is down around 88% currently, its performance is reminiscent of the last cycle when it was down 90%. He urged investors to prepare for a potential setup similar to the previous cycle, although nothing is guaranteed.
In conclusion, it is important to note that this content is for informational purposes only and should not be considered financial advice. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic does not take responsibility for any financial losses incurred.