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TheCryptoBasic

07/31/2023

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Pundit Forecasts 2,380% Surge in Cardano to $7.80 in Next Bull Market

Crypto analyst Dan Gambardello believes Cardano (ADA) will outperform Bitcoin (BTC) in the next bull run, envisioning a rally to $7.80. Renowned crypto analyst and founder of Crypto Capital Venture, Dan...

Pundit Forecasts 2,380% Surge in Cardano to $7.80 in Next Bull Market

Crypto analyst Dan Gambardello believes Cardano (ADA) will outperform Bitcoin (BTC) in the next bull run, envisioning a rally to $7.80.

Renowned crypto analyst and founder of Crypto Capital Venture, Dan Gambardello, has recently made some bold predictions about Cardano’s (ADA) potential growth in the upcoming bull market. Based on historical data and comparisons with other assets, Gambardello confidently projects a rally for ADA, with a minimum all-time high of $7.80.

In a series of tweets, Gambardello highlights the remarkable gains witnessed by ADA during the previous bull cycle. 

$7.80 ADA minimum all time high in the next bull market.

Save this tweet.#Cardano $ADA

— Dan Gambardello (@cryptorecruitr) July 28, 2023

He compares ADA’s performance with that of Bitcoin (BTC), stating that while BTC saw impressive gains of 1,600% from the 2020 low to its bull high, ADA outshined with a remarkable surge of 16,000% in the same cycle. 

This powerful demonstration of ADA’s outperformance during the last bull run leads Gambardello to believe that ADA will again outperform in the next bull cycle.

From the 2020 low to bull high last cycle, $BTC saw 1,600% gains

In that same cycle, $ADA saw 16,000% gains

This is just a demonstration of how powerfully ADA will once again outperform in the next bull cycle

I don’t create the data. I just report it.#Bitcoin #Cardano

— Dan Gambardello (@cryptorecruitr) July 30, 2023

Furthermore, drawing parallels to Ethereum’s (ETH) growth during the last bull market, Gambardello highlights that at the same time last cycle, ETH had a Total Value Locked (TVL) of around $400 million, which soared to an astonishing $108 billion during the bull market. 

Similarly, Gambardello noted that Cardano boasts a TVL of $179 million. Current data suggest that this figure has increased to $186.39 million as of press time. However, with the inclusion of staking and borrows, the TVL stands at $235.37 million, per DeFiLlama data.

Cardano ADA TVL
DeFiLlama

Gambardello’s point is that this position indicates that Cardano is already on track to a similar growth as Ethereum in the next bull market. As a result of this projected growth, the crypto YouTuber sees ADA claiming a new all-time high of $7.80 when the bull market resurfaces.

ADA Price Outlook 

With ADA currently trading at $0.3144, a rally to $7.80 would necessitate a phenomenal 2,380% increase. Notably, the last time ADA witnessed a rally of this magnitude was two years back when it surged by 2,354%, skyrocketing from $0.1263 in December 2020 to a high of $3.10 in August 2021.

At the time of reporting, Cardano is down 17% from the high of $0.3793 it attained on July 14 following the altcoin rally triggered by the ruling on the XRP case. ADA has vehemently hedged against declines below the $0.30 price territory despite the correction.

Cardano ADA Daily Chart
ADA 24H Chart

However, Cardano remains below the 200-day EMA ($0.3505) on the daily timeframe. This reality signals a bearish outlook for the asset in the long term. Conversely, ADA is trading slightly above the 50-day EMA ($0.3104), suggesting a bullish outlook in the near term. 

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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.

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