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Since March, Cardano (ADA) had repeated periods of significant price declines. However, Crypto researcher Dan Gambardelloa popular analyst on the Crypto Capital Venture YouTube channel, predicts potential reversals based on analysis of weekly and daily charts.
Key Technical Indicators Support Bullish Outlook
According to a recent news analyst videoADA expects a significant breakout, which could reach around $31, representing a staggering 8,500% upside from current levels. The analyst emphasized that the market experienced “180 days of decline” since March, creating favorable conditions in this expected increase.
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He also suggested that the ADA could break its current cycle of ups and downs, he said important technical indicatorsespecially the MACD (Moving Average Convergence Divergence) on the weekly chart, which shows signs of a bullish crossover. “Cardano’s macro momentum is showing its readiness to bottom,” he said, emphasizing the MACD histogram’s highs since May.
However, he cautioned that the ADA has yet to move beyond the 20-day and 50-day moving averages. He he warned that while testing the key levels, the movement may fail, advising patience until additional price action confirms the true explosion. While some analysts consider Dan Gamberdello’s predictions overly optimistic, crypto analyst Sssebi gave a conservative forecast.
He predictions a 20x to 30x rally for Cardano over the next year. Sssebi noticed that Cardano the current position shows its position during the last cycle, indicating that a major meeting may be near. He predicts that Cardano could hit a minimum price of $5 in 2025, with a maximum price of $10 during the height of the bull market.
A cautious Outlook for Cardano
However, not all analysts are as bullish. Trader “Lingrid” has taken a more cautious view about Cardano (ADA), predicting temporary pullback with cryptocurrency. In a recent post, he noted that “ADAUSDT appears to be bearish during the daily session,” predicting a potential drop to $0.325 and suggesting that ADA may remain within the consolidation zone between $0.30 and $0.34 for the long term.
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This pessimism is further reinforced by bearishness on-chain metric. According to Coinglass, ADA’s Long/Short ratio currently stands at 0.926, which reflects the prevailing sentiment among traders.
In addition, its futures open interest decreased by 3.8% in the last 24 hours and has been steadily declining. This suggests that traders may liquidate their positions or hesitate to open new ones.
At the time of publication, The ADA it was trading near the $0.352 level and experienced a 0.8% price drop in the last 24 hours. At the same time, its trading volume fell by 18%, reflecting the low participation of traders amid selling pressure.
The featured image was created with Dall.E, a chart from Tradingview.com