- Cardano (ADA) has experienced a modest 40% increase since being classified as a security by the SEC.
- BTC has surged by approximately 90% during the same timeframe.
- ADA’s price could range from $0.35 to $0.36 if it recovers.
Renowned crypto trader and analyst Dan Gambardello has pointed out that Cardano (ADA) is lagging behind the market leader, Bitcoin (BTC). In his latest analysis, Gambardello disclosed that ADA has experienced a modest 40% increase since being classified as a security by the SEC in June 2023. In stark contrast, BTC has surged by approximately 90% during the same timeframe.
Gambardello provides reassurance that the lackluster performance of ADA amidst the current bear market should not be a cause for concern. It is worth noting that ADA also experienced underperformance during the previous bear market, only to emerge as one of the leading performers during the subsequent bull cycle. Consequently, the analyst anticipates that ADA has the potential to outperform numerous other cryptocurrencies in the forthcoming bull cycle.
To substantiate his optimistic perspective, Gambardello emphasized that Cardano’s on-chain metrics, such as the network’s Total Value Locked (TVL), serve as positive indicators for ADA. Furthermore, he highlighted the project’s flourishing Decentralized Finance (DeFi) ecosystem, demonstrating remarkable growth during the current market downturn.
According to the analyst, a close examination of ADA’s short-term time frames indicates that the altcoin has been sold off excessively. Consequently, Gambardello anticipates a potential recovery in ADA’s price, leading to an upward trend shortly. If this optimistic outlook proves accurate, he speculates that ADA’s price could range from $0.35 to $0.36.
Additionally, he disclosed that during the analysis, there was an ongoing attempt by the 20-day moving average (MA) line to surpass the 50-day MA line. If the shorter-term technical indicator surpasses the 50-day MA line, he anticipates a shift in ADA’s short-term trend from bearish to bullish. Consequently, this could increase ADA’s price, reaching the previously mentioned $0.35 level.
In the latest update, ADA’s price was $0.3178 per CoinMarketCap data. This notable increase of 2.88% within the last 24 hours showcases the cryptocurrency’s upward momentum. Additionally, ADA exhibited a commendable performance against BTC and Ethereum (ETH), registering gains of 2.97% and 2.82%, respectively.
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.
