Analyst Sees 8,500% Cardano Surge to $31 as Market Turns Bullish

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Since March, Cardano (ADA) has undergone several notable price drops. However, crypto analyst Dan Gambardello, known for his insights on the Crypto Capital Venture’s YouTube channel, anticipates a possible bullish trend based on his examination of the weekly and daily charts.

Key Technical Indicators Indicate Bullish Potential

In a recent video, the analyst stated that ADA is on the verge of a significant breakout, potentially climbing to approximately $31, which would mark an amazing 8,500% rise from the current price. He pointed out that the market has undergone “180 days of decline” since March, setting the stage for this expected upward movement.

He further indicated that ADA might break its current trend of lower highs and lower lows, referring to important technical indicators, particularly the MACD (Moving Average Convergence Divergence) on the weekly chart, which is indicating a bullish crossover. “Cardano’s macro momentum is suggesting it is ready to bottom out,” he indicated, stressing the positive momentum in the MACD histogram since May.

Nevertheless, he warned that ADA has not yet decisively crossed above the 20-day and 50-day moving averages. He cautioned that while testing these critical levels, the movement could falter, urging patience until further price action verifies a legitimate breakout. While some experts consider Dan Gambardello’s predictions as overly optimistic, another analyst, Sssebi, has provided a more conservative outlook.

He forecasts a potential rally of 20x to 30x for Cardano in the coming year. Sssebi mentioned that Cardano‘s present position resembles its status during the last market cycle, suggesting that a significant rally could be on the horizon. He estimates that Cardano could achieve a minimum price of $5 by 2025, with a potential peak of $10 during the bull market’s height.

Cautious Perspective For Cardano

However, not all analysts share this optimistic view. Trader “Lingrid” has taken a more cautious stance on Cardano (ADA), predicting a short-term downturn for the cryptocurrency. In a recent update, he observed that “ADAUSDT seems bearish on the daily timeframe,” predicting a possible drop to $0.325 and suggesting that ADA may stay within the consolidation range of $0.30 to $0.34 for an extended duration.

This pessimistic outlook is further bolstered by the bearish on-chain metrics. Coinglass reports that ADA’s Long/Short ratio currently sits at 0.926, reflecting a dominant bearish sentiment among traders.

Moreover, the future open interest for ADA has dropped by 3.8% over the last 24 hours and has been on a steady decline. This indicates that traders are either closing their positions or are reluctant to open new ones.

As of the latest update, ADA was trading around the $0.352 mark and observed a slight price decrease of 0.8% over the last day. During the same timeframe, its trading volume had diminished by 18%, signaling decreased participation from traders amidst selling pressure.