- Dan Gambardello predicted in his latest analysis that ADA could soar to as high as $10 in the next bull cycle.
- The analyst based his bullish prediction on the fact that ADA’s market cap is following the same trend as ETH’s.
- At press time, ADA was changing hands at $0.2504 following a 2.56% gain over the past 24 hours.
The cryptocurrency analyst and trader Dan Gambardello predicted in his latest analysis that the price of Cardano (ADA) could hit $10 in the next bull run. At the core of his bullish outlook lies the fact that ADA’s market cap is displaying a similar trend to that of ETH’s during Ethereum’s early days.
Gambardello also highlighted Cardano’s DeFi growth during this latest bear market, which he speculated could be a catalyst for ADA’s journey towards the $10 prediction. Along with Cardano’s growth within the DeFi space, the analyst shared his belief that Cardano’s underlying technology is better than that of Ethereum’s – giving ADA an edge over ETH.
Meanwhile, CoinMarketCap data indicated that ADA was changing hands at $0.2504 at press time. This was after the altcoin posted a 24-hour gain of 2.56%. Notably, this positive daily performance was enough to bring ADA’s performance over the past 7 days into the green zone. Subsequently, the cryptocurrency’s weekly performance stood at +1.83%.
From a technical perspective, ADA was able to overcome the 9-day EMA line on its chart during the past 48 hours. At press time, the altcoin’s price was attempting to do the same with the 20-day EMA line as well. Should ADA close today’s daily candle above the 20-day EMA line, then it may suggest that the cryptocurrency’s short-term trend is shifting in favor of bulls.
Subsequently, ADA could attempt a challenge at the $0.2645 resistance level within the following couple of days if this bullish thesis is validated and buyers continue to support ADA’s price. Thereafter, the altcoin may have the foundation needed to continue to rise to the next barrier at $0.2920.
On the other hand, ADA failing to close a daily candle above the 20-day EMA line today may put the altcoin at risk of dropping below the 9-day EMA line. This may be seen as a bearish indication by traders – leading to an increase in selling pressure. Consequently, ADA’s price may drop to $0.2375, which is the next support level.
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