2024-9-23 22:50 |
Cardano (ADA) kicked off the new week on a subdued note, as the broader crypto market experienced a downturn, led by Bitcoin. This drop saw the total crypto market cap shrink to $2.2 trillion.
Notably, ADA has struggled over the past three weeks, with last week’s close marked by a “Gravestone Doji” candle formation, signaling investor indecision. Nevertheless, despite the lackluster trend, some analysts predict a bullish reversal that could propel ADA to new all-time highs.
Among them is Dan Gambardello, a popular analyst on the Crypto Capital Venture’s YouTube channel. In a recent video, the pundit predicted that ADA is on the brink of a major breakout, potentially reaching around $31, marking a remarkable 9,300% increase from current levels. He highlighted that the market has faced “180 days of downside” since March, setting the stage for this anticipated surge.
The pundit further suggested that ADA could break its current cycle of lower highs and lower lows, pointing to key technical indicators, particularly the MACD (Moving Average Convergence Divergence) on the weekly chart, showing signs of a bullish crossover.
“The macro momentum of Cardano is signaling it’s ready to bottom,” he said, highlighting the MACD histogram’s upward momentum since May.
However, he cautioned that ADA has yet to make a decisive move above the 20-day and 50-day moving averages. He warned that while testing key levels, the move could fail, advising patience until more price action confirms a true breakout.
“Be careful,” he advised. “Just because we’re above the 50-day moving average doesn’t mean we have bullish confirmation yet. We need several days of price action to make that call.”
That said, the pundit’s bullish outlook is echoed by other voices in the crypto space. On September 15, analyst Remi Benays described Gambardello’s analysis as an “I told you so” moment for ADA investors.
Further reinforcing this bullish sentiment, analyst “Dexter-the-trader” projected that ADA could revisit its all-time high of $3.1 soon, representing a potential 10x gain from current levels. However, Dexter cautioned that ADA must maintain support at $0.28 and break through a resistance trendline within a symmetrical triangle pattern on the weekly chart to avoid a potential drop to $0.087.
However, not all analysts are as bullish. Trader “Lingrid” offered a more cautious outlook, predicting a short-term pullback for ADA. In a recent post, he noted that “ADAUSDT appears bearish on the daily timeframe,” forecasting a possible drop to $0.325 and a longer stay into the consolidation zone between $0.30 and $0.34.
ADA was trading at $0.35 at press time, reflecting a 1.34% increase over the past 24 hours, as per CoinMarketCap data.
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