Despite Cardano’s poor performance, market expert Dan Gambardello pointed out that three technical indicators confirm that ADA could see a “crazy” surge, targeting a price of $1 in the short term.
Bullish momentum has re-emerged in the crypto market over the past 24 hours, but Cardano (ADA) continues to disappoint investors. Today, Bitcoin retested the $71,000 threshold, allowing competitors like BNB to break through the 2021 all-time high price, setting a new high of $712.
ADA initially saw only minor gains in this booming market, but failed to sustain them. Its price has now fallen back to $0.458, one of its lowest values today.
While long-term investors remain hopeful, Cardano’s current trajectory does not indicate an imminent move towards the $1 milestone. In March, when ADA was trading at $0.807, it had hopes of reaching $1, but the advent of Bitcoin’s bear market triggered a price correction from which Cardano has failed to recover, even as Bitcoin has fully rebounded.
Despite this, Dan Gambardello remains optimistic about Cardano’s prospects. In his latest analysis, he points to historical trends and technical indicators, affirming that ADA could soon reach its target of $1.
Gambardello was the first to acknowledge his frustration regarding ADA’s price performance. However, he noted that ADA was not the only asset to disappoint, pointing out that the entire altcoin market is still in its early bullish stages.
With Bitcoin leading the charge, Gambardello suggested that Bitcoin’s layout for the remainder of this bull run will be similar to historical patterns that have driven altcoins to new highs in the past. He observed that ADA’s current chart is very similar to where it was in 2020.
Technical indicators confirm the upcoming crazy ADA pump
According to Gambardello, various technical indicators support this similarity. For example, the Relative Strength Index (RSI) shows that in 2021, Cardano emerged from a bear market, became overbought, and then pulled back to enter a bull market again.
In the current cycle, the RSI shows that Cardano came out of the bear market in the fourth quarter of 2023, became overbought in the first quarter of 2024, and has already clearly corrected.
The Stochastic RSI indicator also shows a similar pattern to the previous cycle. Gambardello also cited the MACD indicator to reinforce his point, noting that the current consolidation is similar to the setup of the previous cycle.
Given these indicators, Gambardello foresees Cardano making a comeback soon. He believes that if ADA breaks out of its current oversold position, it will face an explosive price surge. In his words, “ADA could go crazy from a price perspective.”
Timeline for $1 ADA
When assessing Cardano’s potential to reach the $1 threshold, Gambardello looked at how long it took ADA to break through $1 during the previous cycle’s bullish trend.
It is worth noting that Cardano traded between $0.03 and $0.08 between the beginning of 2019 and the end of 2020. Gambardello tracked the chart pattern that emerged after Cardano broke out in late 2020, eventually reaching $1 in early 2021.
He overlaid this past pattern with ADA’s current chart and deduced that given the potential for a pullback, the asset could climb back up to $1 by the end of this year or early 2025.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may contain the personal opinions of the author and do not necessarily reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
English 
Chinese (Hong Kong) 
Chinese (China)