- Analyst Dan Gambardello predicts a bullish trend for Cardano (ADA) soon.
- Gambardello’s lower limit target for ADA is $0.15, potentially rising to $0.35-$0.40.
- ADA’s market capitalization of $8,693,175,327 secures it the 7th position globally.
In a recent YouTube video, Dan Gambardello, a respected analyst and Cardano
Gambardello’s commentary reacted to the recent adverse media coverage of ADA, with some media platforms even labeling it as “a sinking ship”. However, Gambardello emphasized that “media outlets frequently make mistakes.” He further underscored that it’s typical for alternative cryptocurrencies to falter during bear markets. Hence, ADA’s recent performance is not unexpected.
From a technical viewpoint, the analyst indicated that his lower limit target for ADA is $0.15, but he also posits that the altcoin has the potential to rise to between $0.35 and $0.40 under bullish conditions. A preliminary validation of this optimistic prediction would be if ADA surpasses the $0.27 mark, which aligns with the 50-day MA line and the top boundary of the falling wedge on its graph.
Nonetheless, adverse news reports could pull the altcoin’s value down to the support level of $0.21. Following this, sustained selling pressure could lead to the cryptocurrency dropping to the forecasted downside target of $0.15, as per Gambardello’s analysis.
In the last 24 hours, ADA, along with many other cryptocurrencies, has seen a price rise. According to CoinMarketCap, the altcoin was priced at approximately $0.2478 at the time of reporting, reflecting a minor increase of 0.66%. This pushed ADA’s trading price marginally above its lowest level in the previous day’s trading, which stood at $0.2469.
ADA witnessed a more than 15% drop in its 24-hour trading volume, leading to an estimated intraday volume of $102,577,140. Consequently, with a market capitalization of $8,693,175,327, ADA secured the 7th position in the ranking of largest cryptocurrencies by market cap, trailing Ripple
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