Despite the recent lackluster price performance, market experts remain extremely bullish on Cardano's price outlook. Notably, one cryptocurrency analyst has predicted that Cardano, which is currently trading below $1, is on the verge of a major breakout, with the potential to surge to $5.
Expert Predicts Cardano Will Soon Hit $5
Popular crypto analyst Dan Gambardello shared his bullish prediction on X (formerly Twitter) on October 6, highlighting past bull cycles and market trends. Gambardello told his 262,900 followers that Cardano could quickly rise above $1 between now and December.
In a detailed video outlining the reasoning behind his bullish prediction, Gambardello noted that if Cardano can keep up with the market trends established during the previous bull cycle, its price could easily skyrocket to $1. During the most recent bull market in 2021, Cardano was among the top altcoins, experiencing significant gains that pushed its price to new all-time highs.
Despite soaring to an all-time high of $3.10 in September 2021, Cardano has since plummeted 88.43% and is currently trading at $0.35. CoinMarketCap data also shows that the price of ADA has dropped 8.41% over the past week, underscoring the cryptocurrency's bearish momentum.
Despite the slow price increase, Gambardello has predicted that ADA is likely to surpass its all-time high to reach $5. The analyst emphasized that Cardano is even better positioned for the rally than in the previous cycle, highlighting positive signs in key metrics such as the altcoin's Relative Strength Index (RSI) and higher low action.
To be more precise, Gamberdello predicts that Cardank could hit $1 before the end of 2024, and then skyrocket to a new price range of $5 to $10. The analyst expressed confidence in this bullish outlook, emphasizing that a $5 price increase is a realistic target.
For Cardano to reach a new record high of $5, Gambardello revealed that the 50-week and 20-week Moving Averages (MAs) are the key levels to watch. He emphasized that ADA must first surpass $0.38, then rise to $0.42 before it can experience a potential bullish breakout.
Bullish Forecast for Cardano Continues to Rise
Sharing the same view as Gambardello, a popular crypto analyst, identified as 'Sssebi' on X has predicted that ADA is likely to surge to $10 by 2025. The analyst noted that the cryptocurrency could have a strong breakout to the upside, first spiking to $0.50 before hitting the coveted price of $1.
Sssebi then predicted that ADA would surge to $3, surprising the crypto market at large with its strong growth. He believes that after the price surges to $10, investors will start “FOMOing” heavily as they realize the huge potential of Cardano.
