Despite Cardano’s poor performance, market expert Dan Gambardello pointed out three technical indicators confirming that ADA could see a “crazy” surge with a short-term target of $1.
Bullish momentum has re-emerged in the crypto market over the past 24 hours, but Cardano (ADA) continues to disappoint investors. Today, Bitcoin revisited the $71,000 threshold, allowing close competitors like BNB to break the 2021 all-time high price, setting a new high of $712.
In this busy market, ADA initially recorded slight growth but failed to sustain it. Its price has now fallen back to $0.458, one of the lowest values today.
While long-term investors remain hopeful, Cardano’s current trajectory does not suggest that the $1 milestone will be reached quickly. In March, when the ADA price was $0.807, it was expected to reach $1, but the advent of the Bitcoin bear market triggered a price correction, and Cardano has not been able to recover so far, even though 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 $1.
Gambardello was the first to acknowledge the frustration caused by ADA’s price performance. However, he noted that ADA is not the only asset that has underperformed, noting that the entire altcoin market is still in its initial bull run phase.
With Bitcoin leading the way, Gambardello suggested that Bitcoin’s setup for the remainder of this bull run is similar to historical patterns that have driven altcoins to new highs. He observed that ADA’s current chart is very similar to where it was in 2020.
Technical indicators confirm an impending 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, and then fell back to enter a bull market again.
In the current cycle, the RSI shows that Cardano exited the bear market in Q4 2023 and became overbought in Q1 2024 and has already pulled back significantly.
The Stochastic RSI indicator also shows a similar pattern to the previous period. Gambardello also cited the MACD indicator to strengthen his argument, 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 be in for an explosive price surge. In his words, “ADA could go crazy from a price perspective.”
$1 ADA Timeline
When assessing Cardano’s potential to reach the $1 threshold, Gambardello looked at how long it took ADA to surpass $1 during the previous bull trend.
It is worth noting that the price of Cardano between early 2019 and late 2020 fluctuated between $0.03 and $0.08. Gambardello tracked the chart pattern that emerged after Cardano’s breakout after 2020, eventually reaching $1 in early 2021.
He overlays this past pattern with ADA’s current chart, deducing that given the potential for a retracement, the asset could climb to $1 again 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 include the personal opinions of the author and do not 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.
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