Crypto analyst Dan Gambardello has noted in his latest analysis on Cardano that it could reach $10 in the next bullish trend thanks to its positive fundamentals.
Cardano ‘s positive fundamentals are the starting point of the latest analysis by crypto analyst Dan Gambardello on his YouTube channel . He highlights that the next bullish trend could take ADA to $10 and parallels that the capitalization of the altcoin has a similar trend to that of Ethereum in its early days , according to Steven Walgenbach in Coinedition.
Gambardello also highlighted Cardano’s DeFi growth during this latest bear market , which he speculated could be a catalyst for ADA’s journey towards the $10 prediction . Along with Cardano’s growth within the DeFi space, the analyst shared his belief that Cardano’s underlying technology is better than Ethereum’s, giving ADA an advantage over ETH.
Meanwhile, data from CoinMarketCap indicated that Cardano was changing hands at $0.2504 in the last 24 hours . This was after the altcoin posted a 2.56% gain . Notably, this positive daily performance was enough to push the performance over the past 7 days into the green zone . Subsequently, the cryptocurrency’s weekly performance stood at +1.83%.
From a technical perspective, Cardano was able to break above $0.2475 over the last 48 hours . He then also tried to do the same with the 0.2495 dollars . If ADA closes today’s daily candle above $0.2495, then it may suggest that the short-term trend of the cryptocurrency is changing in favor of the bulls .
Subsequently, Cardano could attempt to challenge the $0.2645 resistance level in the coming days if this bullish thesis is validated and buyers continue to support the price. Thereafter, the altcoin may have the necessary foundation to continue rising to the next barrier of $0.2920 .
On the other hand, if Cardano fails to close above $0.2495 , the altcoin may risk falling below $0.2475 again . Traders may consider this as a bearish signal , leading to increased selling pressure. Consequently, the price may fall to $0.2375 , which is the next support level.
Cardano is trading in the green at midday at $0.2515. The 70 and 200 period moving averages are above the price, RSI is rising at 49 points and the MACD lines are heading from below towards the zero level.
Medium-term support is at $0.2360 and medium-term resistance is at $0.3790. Meanwhile, Ei indicators are mixed.
@CardanoFeed - Follow us on X (formerly Twitter)
Stay informed with the latest $ADA Cardano news in real time.FOLLOW NOW!