Cardano’s solid fundamentals may soon cause a rise in ADA

• Cryptocurrency expert Dan Gambardello predicts Cardano (ADA) could reach $10 soon.
• Gambardello cites Cardano’s DeFi expansion and superior technology as key factors.
• ADA’s value could decrease to $0.2375 if selling pressure increases.

In his most recent forecast, cryptocurrency expert and trader Dan Gambardello has projected that Cardano could reach $10 in the forthcoming bull market. The basis of his optimistic prediction is the observation that ADA’s market capitalization is exhibiting a trend akin to that of Ethereum in its initial stages.

Gambardello underscored the expansion of Cardano’s DeFi during the recent bear market, suggesting it could drive ADA towards the $10 forecast. In addition to Cardano’s progress in the DeFi sector, the analyst expressed his view that the foundational technology of Cardano surpasses that of Ethereum, thereby providing ADA with a competitive advantage over ETH.

According to CoinMarketCap data, ADA traded at $0.2504 at the reporting time. This followed a 24-hour increase of 2.56% for the altcoin. Importantly, this daily gain was sufficient to push ADA’s 7-day performance into positive territory. As a result, the cryptocurrency’s weekly performance was recorded at +1.83%.

Technically speaking, ADA surpassed the 9-day EMA line on its chart in the last 48 hours. The altcoin is trying to replicate this with the 20-day EMA line. If ADA ends today’s daily candle above the 20-day EMA line, it could indicate a shift in the short-term trend of the cryptocurrency towards the bulls.

Following this, ADA may break through the resistance level of $0.2645 in the next few days, provided the bullish prediction is confirmed and the buying pressure for ADA remains strong. If successful, this could provide the base for the altcoin to increase its price further and reach the next resistance level at $0.2920.

Conversely, if ADA does not end the day above the 20-day EMA line, it could risk falling beneath the 9-day EMA line. Market participants could interpret this as a negative signal, potentially resulting in heightened selling pressure. As a result, ADA’s value could decrease to $0.2375, representing the subsequent support level.