ADA Could Rise to $0.40 as Bullish Pattern Emerges on Chart: Analyst

Last Updated:
ADA's Bullish Rally Faces Resistance: Will Bulls Prevail?
  • Dan Gambardello predicted that ADA could rise to $0.40 in the upcoming few weeks.
  • The analyst also stated that media outlets “get things wrong constantly,” referring to headlines calling ADA a sinking ship.
  • From a technical standpoint, Gambardello revealed that a bullish chart pattern had formed on ADA’s daily chart.

Analyst and Cardano (ADA) enthusiast Dan Gambardello predicted in one of his latest YouTube videos that he believes the next 2-3 weeks could be bullish for the Ethereum-killer. He does, however, acknowledge the fact that September has historically been a bearish month for the cryptocurrency industry, but believes it is possible for ADA to overcome this.

Gambardello’s analysis was in response to the latest negativity towards ADA in the media, with some outlets even calling it “a sinking ship”, but Gambardello pointed out that “media outlets get things wrong constantly.” He also highlighted that it is normal for altcoins to stumble in bear markets, so ADA’s performance over the past few months is not surprising.

Daily chart for ADA/USDT (Source: TradingView)

From a technical perspective, the analyst shared that his downside target for ADA is $0.15, while he believes that the altcoin could climb to as high as $0.35-$0.40 in a bullish scenario. An early confirmation of this bullish thesis will be when ADA breaks above $0.27, which was confluent with the 50-day MA line and the upper level of the falling wedge on its chart.

However, negative news headlines could drag the altcoin’s price down to the $0.21 support level. Thereafter, continued sell pressure could result in the cryptocurrency plummeting to the predicted $0.15 downside target, according to Gambardello.

Meanwhile, ADA, like numerous other cryptocurrencies, experienced a price increase in the past 24 hours. At press time, CoinMarketCap indicated that the altcoin was valued at around $0.2478, marking a modest gain of 0.66%. This brought ADA’s trading price slightly above its lowest point within the past day of trading, which was $0.2469.

ADA did, however, experience a decline of over 15% in its 24-hour trading volume. As a result, the cryptocurrency’s intraday volume was estimated to be $102,577,140. Its market cap of $8,693,175,327 ranked ADA as the 7th largest cryptocurrency in terms of market capitalization. This placed it right behind Ripple (XRP) in the 6th spot.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.