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