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Home»Altcoins»Analyst predicts an 8,500% rally with Cardano reaching $31 as indicators turn bullish
Altcoins

Analyst predicts an 8,500% rally with Cardano reaching $31 as indicators turn bullish

2024-09-23No Comments3 Mins Read
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This article is available in Spanish.

Since March, Cardano (ADA) has experienced recurring periods of significant price declines. However, crypto expert Dan Gambardelloa popular analyst on the Crypto Capital Venture YouTube channel, predicts a potential bullish reversal based on an analysis of the weekly and daily charts.

Key technical indicators support a bullish outlook

According to the analyst in a recent videoADA is poised for a significant breakout, potentially reaching around $31, representing a remarkable 8,500% upside from current levels. The analyst highlighted that the market has experienced “180 days of downtrend” since March, causing a decline favorable conditions for this expected increase.

Related reading

He further suggested that ADA could break the current cycle of lower highs and lower lows, citing main technical indicatorsespecially the MACD (Moving Average Convergence Divergence) on the weekly chart, which is showing signs of a bullish crossover. “Cardano’s macro momentum indicates it is ready to hit the bottom,” he said, highlighting the MACD histogram’s upward momentum since May.

Cardano 1
Source:

However, he cautioned that the ADA has yet to definitively move above the 20- and 50-day moving averages. He warned that the move could fail while key levels are tested, and advises patience until more price action confirms a real breakout. While some analysts view Dan Gamberdello’s projections as overly optimistic, crypto analyst Sssebi has made a more conservative prediction.

He predictions a 20x to 30x rally for Cardano over the next year. Sssebi noticed that Cardano The current position reflects the state during the last cycle, indicating that a major rally may be imminent. He predicts that Cardano could reach a floor price of $5 by 2025, with a possible peak of $10 during the peak of the bull market.

See also  ChatGPT Predicts Bitcoin Will Reach $35,000 Within Three Months, But…

Cautious outlook for Cardano

However, not all analysts are equally optimistic. Trader “Lingrid” has adopted a more cautious perspective on Cardano (ADA), predicting a short term withdrawal for the cryptocurrency. In a recent post, he noted that “ADAUSDT looks bearish on the daily time frame,” forecasting a potential decline to $0.325 and suggesting that ADA could remain within the consolidation zone between $0.30 and $0.34 for an extended period.

Related reading

This negative outlook is further reinforced by the bearish statistics in the chain. According to Coinglass, ADA’s Long/Short ratio currently stands at 0.926, indicating prevailing bearish sentiment among traders.

Cardano 2
Source:

Furthermore, future open interest has fallen 3.8% over the past 24 hours and has been steadily declining. This indicates that traders are liquidating their positions or hesitant to enter new positions.

At the time of printing, ADA was trading around the $0.352 level and had experienced a modest price decline of 0.8% over the past 24 hours. During the same period, trading volume was down 18%, indicating lower trader participation under the selling pressure.

Cardano ADA price chart from Tradingview.com
ADA Price Struggles With Bearish Headwinds | Source: ADAUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Source link

Analyst Bullish Cardano Indicators Predicts rally reaching turn
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