Despite Cardano’s poor performance, market expert Dan Gambardello pointed out that three technical indicators confirm that ADA may see a “crazy” surge, aiming to reach $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 once again broke through the $71,000 threshold, allowing competitors such as BNB to surpass its 2021 all-time high price, setting a new high of $712.
In this optimistic market, ADA initially made only minor gains but failed to sustain them. Its price has now fallen back to $0.458, one of the lowest prices today.
While long-term investors remain hopeful, Cardano’s current trajectory does not indicate that it will reach the $1 milestone anytime soon. In March, when ADA was trading at $0.807, it had planned to reach $1, but the coming of the Bitcoin bear market triggered a price correction, and Cardano has failed to recover from it, even as Bitcoin has fully recovered.
Despite this, Dan Gambardello remains optimistic about Cardano’s prospects. In his latest analysis, he pointed to historical trends and technical indicators that confirm that ADA could soon reach $1.
Gambardello was the first to acknowledge the frustration caused by 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 bull phase.
With Bitcoin leading the charge, Gambardello suggested that Bitcoin’s current setup will resemble historical patterns for the remainder of this bull run that have driven alternate coins to new highs. He observed that ADA’s current chart is very similar to its 2020 position.
Technical indicators confirm the upcoming crazy ADA surge
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, then retraced before entering a bull market again.
In the current cycle, the RSI indicates that Cardano came out of the bear market in Q4 2023 and became overbought in Q1 2024, with a significant retracement already in place.
The Stochastic RSI indicator is also showing a similar formation to the previous cycle. Gambardello also cited the MACD indicator to reinforce his view, noting that the current consolidation is similar to the setup of the previous cycle.
Given these indicators, Gambardello predicts that Cardano will recover in the near future. He believes that if ADA breaks out of its current oversold position, it will see 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 surpass $1 during the last bull trend.
Notably, 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 onto ADA’s current chart and deduced that the asset could rise to $1 again by the end of this year or early 2025, given the potential for a retracement.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not necessarily reflect the views of The Crypto Basic. Readers are advised to perform thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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