Cardano (ADA) Could Reach $5-$10 as Market Analyst Predicts
Renowned crypto analyst Dan Gambardello has suggested that Cardano (ADA) may replicate its impressive 2020-2021 Price movement to peak between $5 and $10. This bold prediction comes as the market grapples with an 88% decline, reminiscent of the 92% consolidation seen in the previous cycle before a significant bull run.
Analyst Insights on Cardano's Potential Breakout
Gambardello recently shared his analysis, pointing out that Cardano has been trading sideways recently, with bears looming. Despite this, he believes that Cardano is on the brink of experiencing a surprising breakout. He referenced a historical price behavior where ADA was at the $0.09 support level in October 2020. After spotting a bullish pattern, ADA surged to hit an all-time high of $3.10 in September 2021, representing a remarkable 3,340% increase.
In a 14-minute video, Gambardello expressed optimism that ADA is poised to break out of a six-month consolidation pattern in a move that could mirror the 2020-2021 cycle. He explained that Altcoin seasons historically follow Bitcoin halving events, hinting that the post-halving consolidation phase is nearing its end.
Delving into Cardano's Market Behavior
Gambardello highlighted that the current 88% decline in ADA resembles the 92% pullback observed in the same period during the previous cycle. While he remains bullish on ADA's future, he also advised investors to be patient as a new all-time high could still be distant. However, he predicted that ADA could surpass the $1 resistance level by December 2024 and potentially reach $5-$10.
Another analyst known as Trend Rider shared insights indicating that if Bitcoin stabilizes above $60k, ADA could rise to $0.6 without significant consolidation. A chart marked "A" and "B" suggested a potential drop for ADA to $0.24 before an upsurge, hinting at a short-term possibility of Bitcoin falling below $60k.
Investor Sentiments and Price Analysis
Analysis of IntoTheBlock Data revealed mixed sentiments among ADA investors. While large transactions have slightly increased, the "In The Money" metric indicated a bearish outlook with profitable addresses holding ADA dropping to 17.59%. Analysts warned that if the 77.34% of addresses currently at a loss decide to sell, ADA could decline to $0.22, a critical support level where over 539,000 addresses purchased 5.42 billion ADA.
Currently, ADA is trading at $0.3469, experiencing a 2.6% decline in the last 24 hours and a 9% drop in the last seven days.
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As the Crypto market continues to evolve, Cardano's potential breakout to $5-$10 has caught the attention of analysts and investors alike. With ADA's price behavior aligned with historical patterns, the stage may be set for an exciting journey ahead.
