Crypto analysts Trend Rider and Dan Gambardello have provided bullish narratives for Cardano (ADA) despite its recent underperformance in the current bull market. Both analysts believe that ADA is poised for significant upside potential, with price targets indicating a bullish trajectory in the near to mid-term.
Trend rider’s analysis: ADA could surge to $12
Trend Rider, a prominent crypto analyst, has shared an optimistic outlook for Cardano (ADA) in a recent analysis. According to Trend Rider’s analysis based on ADA’s 2-week chart, key moving averages are realigning, indicating a potential shift from bearish to bullish sentiment. He suggests that ADA could surge to as high as $12 as the market sentiment bulges. Trend Rider draws parallels between the current chart patterns and those observed before ADA’s significant run in the last bull market.
While Trend Rider did not provide a specific timeframe for ADA’s potential surge, he emphasized that this analysis is long-term and advised investors to exercise patience.
Dan Gambardello, founder of Crypto Capital Venture, is also bullish on ADA’s future trajectory. Analyzing ADA’s daily chart, Gambardello noted that the cryptocurrency had already broken its 20-day and 50-day moving averages, signaling potential upward momentum. He predicts that a close above the 50-day moving average could propel Cardano to the $0.70 price range in the short term.
Furthermore, Gambardello believes that ADA can replicate its previous cycle’s performance. He identifies the $0.80 to $0.83 price range as a crucial breakout area, with a potential subsequent rise to the $1.40 to $1.50 range. Gambardello’s analysis underscores the bullish sentiment surrounding ADA’s price action.
Current market status and price movement
At the time of writing, ADA is trading at around $0.63, representing an over 8% increase in the last 24 hours, according to data from CoinMarketCap. Despite recent concerns among Cardano investors due to its relatively subdued performance compared to other cryptocurrencies, analysts like Trend Rider and Dan Gambardello offer reassurance about ADA’s prospects.
Analysts remain optimistic about Cardano’s (ADA) potential for significant price appreciation near to mid-term. Trend Rider’s analysis suggests a long-term bullish trajectory with a potential surge to $12, while Dan Gambardello highlights short-term targets and identifies critical breakout areas for ADA’s upward momentum. Despite recent market fluctuations, both analysts’ analyses underscore the positive sentiment surrounding ADA’s price action.
Investors should research and exercise caution when investing in the volatile cryptocurrency market. While analysts provide valuable insights, market conditions can change rapidly, and investments carry inherent risks. As ADA continues to evolve, monitoring key technical indicators and market trends will be essential for navigating its price movements effectively.
