2024-2-17 01:02 |
Cardano (ADA) has displayed resilience in the market, with a mild sideways trading pattern while consistently holding above the yearly support level at around $0.45, briefly broken in early December. Last week, the price retested and bounced off that level, surging higher this week.
Meanwhile, following the recent strength, analysts have been increasingly optimistic about ADA’s short-term prospects. In a Wednesday broadcast, renowned analyst and host of the Crypto Capital Venture channel Dan Gambardello discussed the potential of ADA in the coming weeks.
Gambardello pointed out that while Bitcoin and other cryptocurrencies were experiencing diminishing returns with each cycle, with less volatility and returns than the previous cycle, he expected Cardano to see significant gains this cycle, but not as high as the 4,000% returns seen in the last cycle.
Gambardello further compared the current ADA chart to the previous cycle, highlighting the similarities in the technical moves. He suggested that a 2,100% surge, resulting in a $10 ADA price, is a more realistic expectation for this cycle. According to him, this would represent a $350 billion market cap, less than Ethereum’s market cap at its peak in the last cycle.
The analyst also pointed out that the Moving Average Convergence Divergence (MACD) for ADA is showing a powerful move to the upside, with the MACD line trending up and the histogram looking strong, which is a positive indicator for ADA’s future performance.
Nonetheless, Gambardello cautioned that the current sideways trading could continue for ADA as the market prepares for a potential consolidation. He emphasized the importance of understanding diminishing returns in the crypto market and not expecting the same level of returns in each cycle.
Other analysts have also expressed optimism about ADA’s short-term prospects. “CryptoYapper”, a popular analyst with a following of over 16,000 on X, highlighted a falling wedge formation on the daily timeframe, predicting a breakout target of approximately $0.67.
Furthermore, CryptoYapper suggested that ADA could reach $5 in 2024, echoing Gambardello’s sentiments that this would bring ADA’s market capitalization to $150 billion, which is “less than half of what Ethereum is right now.”
Similarly, analyst “Sssebi” expresses that ADA surged towards $0.67, with the price breaking key resistance on Wednesday.
“ADA finally broke through the $0.55 resistance area and is now getting ready to retest $0.60. If $0.60 is broken, next big resistance is at $0.67 where the run ended last time. Considering BTC bullish momentum we could even see ADA break $0.75.” He tweeted.
ADA traded at $0.56 at press time, reflecting a 9.80% increase in the past seven days.
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