Analyst Dan Gambardello predicted that ADA may enter into an 8-9% move in the coming week.
The analyst noted that ADA was trading above the 20-day MA line and may climb to $0.32.
Conversely, a drop below the 20-day MA may lead to ADA falling to $0.22, according to the analyst.
The crypto analyst and trader Dan Gambardello shared his bullish outlook for Cardano (ADA) in a pair of tweets published earlier today. In the first post, he shared his latest technical analysis for the altcoin, wherein he predicted that ADA’s price could break above a key resistance channel between $0.32 and $0.35.
According to Gambardello, #ADA still has a lot of ground to make up following the impact of the SEC lawsuits against Binance and Coinbase. Furthermore, the analyst noted that other cryptos such as #bitcoin (BTC) and #Ethereum (ETH) do not have to recover as much as ADA, and therefore don’t demonstrate the same potential as the Ethereum-killer.
At the time of Gambardello’s analysis, ADA was trading above the 20-day MA line. He stated that this is a positive sign for the altcoin since ADA was rejected by the technical indicator several times in the past few weeks. In addition, the daily RSI indicator escaped extreme oversold territory over the past week, which the analyst mentioned is another positive sign.
Should ADA receive buy pressure from bulls in the coming week, Gambardello predicted that the crypto’s price would look to climb to $0.32. This upside target shared by the analyst is a major obstacle for ADA’s price, which, if broken, may be a strong bullish confirmation.
On the other hand, if ADA’s price drops below the 20-day MA line in the coming week, its downside target will be around $0.22, according to the analyst. Either way, ADA is poised to make an 8%-9% move, added Gambardello.
Traders and investors will want to keep an eye on the aforementioned 20-day MA in the next few days, as it may give an early indication of which direction ADA’s price will move in the short term. A break below the 20-day MA may see ADA drop to $0.22. Conversely, if the 20-day MA line continues to provide ADA support then it could look to climb to $0.32.
Just a few hours after his first tweet, the analyst published another. In this second post, Gambardello predicted that ADA will outperform everyone in the next bull market. Things were looking up for ADA at press time, as CoinMarketCap indicated that the altcoin printed a 1.60% gain over the past 24 hours. As a result, the #crypto was trading at $0.2966.
source: coinedition
image source: AI
Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.