Dan Gambardello predicts an 8,500% surge for Cardano (ADA) to $31.
MACD indicator signals a potential bullish crossover for ADA.
Other analysts remain cautious, forecasting ADA's short-term decline or modest gains.
The price of Cardano (ADA) has been on a downtrend since March, but crypto analyst Dan Gambardello suggests that the token will start recovering soon. Gambardello, a popular voice on the Crypto Capital Venture YouTube channel, predicts ADA could surge 8,500%, reaching $31. His forecast is based on technical indicators that suggest a bullish trend is forming.
https://twitter.com/CardanoFeed/status/1838274052860883072 Bullish Signs Emerging for ADA
The MACD on the weekly chart shows a bullish crossover is possible while ADAâs 180-day MA is on a downtrend. The analysts emphasized these two factors could set up conditions for a big rally. Despite these positive signals, he advises caution. A failure to surpass the 20-day and 50-day moving averages could stall the bullish move, potentially leading to more price drops.
A More Conservative View
Not all analysts share Gambardelloâs optimism. Crypto analyst Sssebi offers a more measured forecast. He expects ADA to rise 20x to 30x over the next year, with a possible peak of $10 by 2025. Meanwhile, trader Lingrid has a more bearish outlook for ADA. He expects the price of ADA to fall to $0.325 before consolidating between $0.30 and $0.34.
On-chain data supports Lingridâs cautious approach. According to Coinglass, ADA's Long/Short ratio stands at 0.926, indicating a bearish outlook among traders. Open interest in ADA futures has fallen 3.8% in the past 24 hours, reflecting investor hesitation. Despite this, ADA is currently trading at $0.36, up 3.3% in the last 24 hours.Â
Additionally, trading volume had increased, reflecting higher participation from traders. While Gambardelloâs $31 prediction may seem aggressive, the next few weeks will reveal if ADA can break through resistance. Traders are watching closely to see if this bullish trend holds or if bearish sentiment keeps ADA in check.
The post Analyst Forecasts 8,500% Surge for Cardano: Is $31 the Next Target? appeared first on Crypto News Land.
