In his latest YouTube installment, esteemed crypto influencer and trader Dan Dambardello delves deeper into his musings on Cardano (ADA) and its potential price trajectory as a formidable Ethereum rival. Gambardello’s astute analysis begins with thoroughly examining Bitcoin’s (BTC) current market dominance.
According to Gambardello, the once unchallenged dominance of BTC has encountered a formidable obstacle, indicating a potential decline in the reign of the crypto king. He posits that this shift may be attributed to the emergence of altcoins such as ADA, which appear poised to ascend.
According to the trader, ADA faces a formidable challenge with a long-term resistance of $0.4215. This resistance has proven quite stubborn, and breaking through it is crucial for ADA’s prospects. The trader elaborated that a successful breach of this resistance could propel ADA’s price to reach as high as $0.6 shortly.
However, should ADA fail to overcome this obstacle, it could cast a shadow over the altcoin’s prospects. Nevertheless, Gambardello remains steadfast in his conviction that “ADA is poised for an upward trajectory.”
According to CoinMarketCap, ADA is presently trading at $0.3797, reflecting an 8.14% surge in price within the last 24 hours. However, the altcoin has experienced a slight dip of 0.19% over the past week. The 24-hour trading volume of ADA is currently in the green zone, standing at $390,868,948, a remarkable increase of over 30% since yesterday. With a market cap of $13,187,189,295, ADA is currently ranked as the 7th largest cryptocurrency.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
