Analyst Predicts 8,500% Cardano Rally to $31 As Indicators Turn Bullish
The price of Cardano (ADA) has dropped many times since March. However, Crypto Capital Venture's prominent YouTube analyst Dan Gambardello anticipates a positive turnaround based on monthly and daily charts.
Important Technical Indicators Support Bullish Outlook
A recent video analyst predicts ADA will breakthrough at $31, an 8,500% rise from current values. The expert said that â180 days of downsideâ since March had prepared the market for this rally.
He also believed ADA might break its cycle of lower highs and lower lows, citing significant technical indicators, including the weekly MACD (Moving Average Convergence Divergence)'s bullish crossing. âThe macro momentum of Cardano is signaling its readiness to bottom,â he stated, citing the MACD histogram's rise since May.
He warned that ADA has yet to firmly break above the 20- and 50-day moving averages. The advance might fail while testing important levels, therefore he advised patience until price activity verifies a breakthrough. Crypto expert Sssebi offers a more cautious outlook than Dan Gamberdello.
He expects Cardano to rise 20x to 30x next year. Sssebi remarked that Cardano's present position resembles previous cycle, suggesting a strong rise. He expects Cardano will drop to $5 by 2025 and peak at $10 during the bull market.
Some experts are less optimistic. Trader âLingridâ expects Cardano (ADA) to fall in the immediate term. He said in a previous article that âADAUSDT appears bearish on the daily timeframe,â predicting a drop to $0.325 and a prolonged consolidation zone between $0.30 and $0.34.
Bearish on-chain metrics support this prediction. Trading mood is negative for ADA, as Coinglass reports a Long/Short ratio of 0.926.
In the past 24 hours, its future open interest has dropped 3.8% and is gradually declining. This shows traders are liquidating or unwilling to open fresh positions.
ADA was approaching $0.352 at press time, down 0.8% in 24 hours.
