Logo
Cardano Ecosystem

TheCryptoBasic

06/05/2024

·

79 views


Cardano Bull Gambardello Says 3 Technical Indicators Confirm Impending “Crazy” ADA Surge

While Cardano underperforms, market pundit Dan Gambardello cites three technical indicators confirming a potential “crazy” surge for ADA, targeting $1 short-term.  Bullish momentum has re-emerged in the...

Cardano Bull Gambardello Says 3 Technical Indicators Confirm Impending “Crazy” ADA Surge

While Cardano underperforms, market pundit Dan Gambardello cites three technical indicators confirming a potential “crazy” surge for ADA, targeting $1 short-term. 

Bullish momentum has re-emerged in the crypto market over the last 24 hours, but Cardano (ADA) continues to underwhelm investors. Today, Bitcoin revisited the $71K threshold, allowing close rivals like BNB to break the 2021 all-time high, setting a new peak at $712.

Amid this buoyant market, ADA initially posted minimal gains but failed to sustain them. Its price has now retreated to $0.458, one of the lowest values today.

While long-term investors remain hopeful, Cardano’s current trajectory does not indicate an imminent move toward the $1 milestone. In March, ADA was on track to hit $1 when it traded at $0.807, but the arrival of Bitcoin bears triggered price corrections from which Cardano has failed to recover, even as Bitcoin has fully rebounded.

Despite this, Dan Gambardello remains optimistic about Cardano’s prospects. In his latest analysis, he pinpointed historical trends and technical indicators that affirm that ADA could reach the $1 mark soon.

BITCOIN Predicts CRAZY Bull Cycle! CARDANO MOMENTUM Power Shift!

Intro 00:00
Bitcoin demand off the charts 00:45
Over 1 year of Bitcoin bull market left 1:20
Cardano is at its starting line 6:30
ADA momentum power shift 7:00
Cardano back to $1 11:20
No guarantees, but so bullish… pic.twitter.com/7PyxVE0ZI6

— Dan Gambardello (@cryptorecruitr) June 4, 2024

Gambardello first acknowledged the frustration around ADA’s price performance. However, he noted that ADA is not the only underwhelming asset, pointing out that the altcoin market, in general, is still in the initial bullish phase. 

- Advertisement -

With Bitcoin spearheading the charge, Gambardello suggested that Bitcoin’s current setup for the remainder of this bull market mirrors historical patterns that have previously driven altcoins to new highs. He observed that ADA’s current chart is strikingly similar to its position in 2020.

Technical Indicators Confirming Incoming Crazy ADA Surge 

According to Gambardello, various technical indicators support the similarity. For instance, the relative strength index (RSI) shows that in 2021, Cardano emerged from a bear market, became overbought, and then retraced before another bull run. 

In the current cycle, the RSI indicates that Cardano exited the bear market in Q4 2023, became overbought in Q1 2024, and has already retraced significantly.

The Stochastic RSI indicator also shows a formation similar to the last cycle. Gambardello also cited the MACD indicator to reinforce his argument, noting that the current consolidation mirrors the setup from the previous cycle.

Given these indicators, Gambardello foresees a comeback for Cardano soon. He believes that if ADA breaks out of its current oversold position, it is poised for an explosive price surge. In his words, “ADA could go crazy from a price perspective.” 

Timeline for $1 ADA 

In his evaluation of Cardano’s potential to hit the $1 threshold, Gambardello looked at the time it previously took ADA to climb above $1 during the last cycle’s bullish trend.

Notably, Cardano traded between $0.03 in early 2019 and $0.08 in late 2020. Gambardello traced the chart pattern that emerged after Cardano’s breakout in late 2020, culminating in $1 by early 2021.

He superimposed this past pattern onto ADA’s current chart and inferred that the asset could ascend back to $1 by the end of this year or early 2025, considering the potential for retracement.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

-Advertisement-

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on TheCryptoBasic

ORIGINAL SOURCE

https://thecryptobasic.com/2024/06/05/ca...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


Genius Yields DEX Launched!

More from TheCryptoBasic

See more
Hoskinson Predicts Cardano Growth Could Outpace Bitcoin Stability
TheCryptoBasic
Hoskinson Predicts Cardano Growth Could Outpace Bitcoin Stability

yesterday at 7:16 AM

·

13 views

Related News

See more
Genius Yields DEX Launched!

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)