Veteran market analyst and Cardano bull Dan Gambardello provides an optimistic outlook on ADA’s potential price movements.
He disclosed this on the back of the recent Cardano upsurge. According to him, the altcoin may be poised for a substantial surge, following a series of rapid gains. Gambardello noted that the $10 price goal is now becoming more realistic.
Key Cardano Momentum Indicators Signal Growth
Gambardello highlighted Cardano’s recent gains, noting a remarkable 168% increase over just 17 days. This rapid price movement has been supported by breakthroughs in major indicators, including the 20-week and 50-week moving averages.
He emphasized that ADA’s current trajectory mirrors its behavior from November 2020. As a result, he suggests a cyclical pattern that could point to further growth.
A major observation from Gambardello’s analysis is ADA’s recent monthly candle, which he described as erasing two and a half years of downward price action.
With eight days remaining in the month, he stressed the importance of closing above the 50-month moving average, currently around $0.72. He also identified the $0.75-$0.76 range as a major zone on the weekly chart, signaling that the coming days could define ADA’s short-term direction.
ADA’s $10 Goal Becoming Increasingly Realistic
Gambardello drew parallels between ADA’s current price action and its performance in previous market cycles. He noted that while ADA experienced consolidation around this stage in the last cycle, its current movement shows less cooling off.
He suggested that a short-term pullback might sync with historical trends, allowing the market to regroup before a larger rally. Despite the possibility of short-term consolidation, Gambardello remains bullish on ADA’s long-term prospects.
He projected a potential target of $1.05 in the near term, with a broader goal of $5 to $10 appearing increasingly realistic if the current momentum continues. However, he also cautioned investors to prepare for potential pullbacks, with support levels around $0.60-$0.65.
Momentum Oscillators Also Bullish
The market analyst then pointed to the stock RSI and MACD as major momentum oscillators that show increasing upward movement, reflecting a bullish market environment.
The MACD histogram has moved above zero, and the RSI indicates substantial room for growth, both of which suggest that ADA has not yet reached its peak.
Additionally, Gambardello highlighted the importance of market sentiment, noting that Cardano’s rapid movements could surprise many investors.
He referenced recent bullish headlines surrounding Cardano, including developments in its ecosystem and broader market conditions, as factors that could accelerate its rise.
Short-Term Cardano Targets and Long-Term Vision
In the short term, Gambardello identified $0.86 as a critical resistance level, with the potential for ADA to test the $1 mark in the near future.
He noted that even a 16% increase could push ADA to this milestone within hours, given its historical volatility. However, he also warned of the possibility of consolidation, particularly if ADA falls back into the $0.60-$0.70 range.
Looking ahead, Gambardello remains optimistic about Cardano’s long-term prospects. He encouraged investors to monitor broader market trends, including the performance of other cryptocurrencies like XRP, which has recently reached new highs.
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