Analyst Predicts 8,500% Rally For Cardano To Reach $31 As Indicators Turn Bullish
23 Septembre 2024 - 7:00PM
NEWSBTC
Since March, Cardano (ADA) has experienced recurring periods of
significant price declines. However, crypto pundit Dan Gambardello,
a popular analyst on the Crypto Capital Venture’s YouTube channel,
predicts a potential bullish reversal based on an analysis of the
weekly and daily charts. Key Technical Indicators Support Bullish
Outlook According to the analyst in a recent video, ADA is poised
for a significant breakout, potentially reaching around $31,
representing a remarkable 8,500% increase from current levels. The
analyst highlighted that the market has experienced “180 days of
downside” since March, creating favorable conditions for this
anticipated surge. Related Reading: Bitcoin ‘Final Cycle
Pump’ Puts Price As High As $200,000 He further suggested that ADA
could break its current cycle of lower highs and lower lows, citing
key technical indicators, particularly the MACD (Moving Average
Convergence Divergence) on the weekly chart, which is showing signs
of a bullish crossover. “The macro momentum of Cardano is signaling
its readiness to bottom,” he said, emphasizing the upward momentum
of the MACD histogram since May. However, he cautioned that ADA has
yet to decisively move above the 20-day and 50-day moving averages.
He warned that while testing key levels, the move could fail,
advising patience until more price action confirms a true breakout.
While some analysts view Dan Gamberdello projections as overly
optimistic, crypto analyst Sssebi has offered a more conservative
forecast. He forecasts a rally of 20x to 30x for Cardano
over the next year. Sssebi noted that Cardano current position
mirrors its state during the last cycle, indicating a major rally
may be imminent. He predicts that Cardano could hit a minimum price
of $5 by 2025, with a possible peak of $10 during the height of the
bull market. Cautious Outlook For Cardano However, not all analysts
are as bullish. Trader “Lingrid” has adopted a more cautious
perspective regarding Cardano (ADA), predicting a short-term
pullback for the cryptocurrency. In a recent post, he noted that
“ADAUSDT appears bearish on the daily timeframe,” forecasting a
potential decline to $0.325 and suggesting that ADA may remain
within the consolidation zone between $0.30 and $0.34 for an
extended period. Related Reading: ‘Uptober’ Is Just Around The
Corner: Here’s Where Bitcoin Price Is Headed This negative outlook
is further reinforced by the bearish on-chain metric. According to
Coinglass, ADA’s Long/Short ratio currently stands at 0.926,
indicating a prevailing bearish sentiment among traders.
Furthermore, its future open interest has declined by 3.8% in the
last 24 hours and has been steadily falling. This suggests that
traders are either liquidating their positions or hesitant to
establish new ones. At press time, ADA was trading near the $0.352
level and had experienced a modest price decline of 0.8% in the
last 24 hours. During the same period, its trading volume had
dropped by 18%, indicating lower participation from traders amid
selling pressure. Featured image created with Dall.E, chart from
Tradingview.com
Cardano (COIN:ADAUSD)
Graphique Historique de l'Action
De Sept 2024 à Oct 2024
Cardano (COIN:ADAUSD)
Graphique Historique de l'Action
De Oct 2023 à Oct 2024