Click here for Vote and get 5 USDT
Cardano (ADA) has been under pressure recently, with prices revisiting a ten-month low of $0.2799, causing concern among investors. However, a potential breakout is on the horizon, according to renowned analyst Dan Gambardello.
đ Key Insights from Gambardello's Analysis:
- ADA is currently trading at $0.381 after rebounding from its recent low, yet it remains 9% below its value from four weeks ago.
- Despite recent struggles, ADA's technical charts are showing bullish momentum. A key indicator is the bullish divergence on the weekly chartâwhile ADAâs price made lower lows, the Relative Strength Index (RSI) formed higher lows, signaling a potential reversal.
- ADA is testing the 50-day moving average, a crucial resistance level. Breaking this level could trigger a rally towards the $0.43 range.
đ„ Upcoming Catalyst: The Chang Hard Fork
- The upcoming Chang hard fork, scheduled for August 27, introduces a new governance system that empowers the Cardano community with greater decision-making authority.
- This shift towards decentralization could boost market sentiment, making Cardano one of the most decentralized blockchains.
đĄ Price Target: Gambardelloâs analysis suggests a potential uptrend driving ADA to $0.43, a significant breakout that could mark the start of a bullish phase. However, he warns that the short-term outlook remains uncertain.
â Disclaimer: This post is for informational purposes only and should not be considered financial advice. Always do thorough research before making any investment decisions.
đŹ Stay Tuned for More Updates! Follow us for the latest on Cardano and other top crypto assets!
