- ADA skyrockets 168% in just 17 days, surpassing key 20-week and 50-week moving averages.
- Market expert Dan Gambardello predicts a $10 target, citing parallels with ADA’s 2020 rally.
- Monthly candle erases 2.5 years of losses; $0.86 resistance and $0.60-$0.65 support levels are critical.
Renowned market analyst and Cardano enthusiast Dan Gambardello has expressed a bullish outlook on the future of ADA, suggesting a potential surge towards the $10 price mark.
Gambardello’s optimism is fueled by Cardano’s recent impressive performance, which has seen the cryptocurrency soar by 168% in just 17 days. This rapid price appreciation has been accompanied by significant technical breakthroughs, including the crossing of the 20-week and 50-week moving averages.
Cardano's Insane Comeback: This ADA Chart is SCREAMING
— Dan Gambardello (@cryptorecruitr) November 22, 2024
Intro 00:00
This happened fast 00:30
Insane Cardano monthly candle 1:55
This ADA weekly is weird 3:35
Monitor daily chart for throwbacks 5:45
Short term price action and targets 7:10 pic.twitter.com/9l9f0E8YwB
A Look Back, A Look Forward
Drawing parallels between ADA’s current trajectory and its behavior in November 2020, Gambardello believes that a cyclical pattern may be unfolding. The recent monthly candle, which erased two and a half years of downward price action, further strengthens this bullish thesis.
A crucial factor to watch is ADA’s ability to close the month above the 50-month moving average, currently hovering around $0.72. Breaking this resistance level could set the stage for a significant upward move. The $0.75-$0.76 range on the weekly chart is another key zone to monitor, as it could determine ADA’s short-term direction.
Momentum Indicators Signal Bullish Trend
Technical indicators like the RSI and MACD are also pointing to a bullish trend. The MACD histogram has crossed above zero, while the RSI suggests ample room for further upside. These positive signals reinforce the idea that ADA may not have reached its peak yet.
Also Read: Cardano ETF Launch Speculation – A Deep Dive Into The Potential Impact On ADA Price
Potential Challenges and Short-Term Targets
While the overall outlook for ADA is bullish, it’s essential to acknowledge the potential for short-term pullbacks. A dip to the $0.60-$0.65 support level could provide a buying opportunity for patient investors.
In the short term, Gambardello sees $0.86 as a critical resistance level. If ADA can break through this level, it could potentially surge towards the $1 mark. However, he warns that consolidation may occur if the price falls back into the $0.60-$0.70 range.
Long-Term Vision
Looking ahead, Gambardello remains optimistic about ADA’s long-term prospects. If the current momentum persists, a price target of $5 to $10 may become increasingly realistic. However, it’s crucial to monitor broader market trends and the performance of other cryptocurrencies, such as XRP, which has recently reached new highs.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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