Despite Cardano’s poor performance, market expert Dan Gambardero pointed out three technical indicators confirming that ADA could see a “crazy” surge, aiming to reach $1 in the short term.
There has been bullish momentum in the crypto markets over the past 24 hours, but Cardano (ADA) continues to disappoint investors. Today, Bitcoin reclaimed the $71,000 threshold, allowing competitors like BNB to break through its 2021 all-time high, setting a new high of $712.
In this bullish market, ADA initially managed to achieve only slight growth but failed to sustain it. Currently, its price has retreated to $0.458, one of the lowest values today.
Long-term investors remain hopeful, but Cardano’s current trajectory does not indicate that the $1 milestone is imminent. In March, when ADA was trading at $0.807, the coin was on its way to $1, but the onset of the Bitcoin bear market triggered a price correction from which Cardano has yet to recover, even as Bitcoin has fully rebounded.
Despite this, Dan Gambardero 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.
Gambardero was the first to acknowledge the frustration surrounding ADA’s price performance. But he noted that ADA wasn’t the only asset to disappoint, pointing out that the entire altcoin market is still in its early bullish stages.
With Bitcoin leading the charge, Gambardero suggested that Bitcoin is currently set up for the remainder of this bull run to resemble historical patterns that have driven altcoins to new highs. He observed that ADA’s current chart is strikingly similar to where it was in 2020.
Technical indicators confirm the upcoming crazy ADA surge
According to Gambardero, 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 indicates that Cardano will be out of the bear market in Q4 2023 and overbought in Q1 2024 and has already fallen back significantly.
The Stochastic RSI indicator also shows a similar formation to the previous cycle. Gambardero 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, Gambardero foresees ADA to recover soon. He believes that if ADA moves beyond its current oversold position, it will see an explosive price surge. In his words, “ADA prices could go crazy.”
Timeline for $1 ADA
When assessing Cardano’s potential to reach $1, Gambardero looked at the time it took for ADA to climb above $1 during the last bull run.
It is worth noting that Cardano’s price fluctuated between $0.03 and $0.08 between the beginning of 2019 and the end of 2020. Gambardero 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, considering 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 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.
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