- Analyst Dan Gambardello predicted in his latest analysis that Cardano’s TVL will most likely boom in the next few months.
- The trader speculated that ADA has not bottomed out in this bear cycle yet.
- At press time, ADA was trading at $0.2924 after a 24-hour gain of 3.40%.
According to crypto trader and analyst Dan Gambradello, there is anticipated exponential growth in the Total Value Locked (TVL) on Cardano in the upcoming months. In his most recent analysis, he observed that Cardano has made significant progress in terms of TVL rankings, climbing from the 30th position earlier this year to the 15th position at present.
Gambardello also predicted that Cardano’s native crypto, ADA, may be among the top performers in the next bull market. Before this can happen, however, ADA will need to establish its bottom for this bear market. The analyst mentioned in the video that technical indicators suggested the crypto had not bottomed out in this bear cycle yet.
From a short-term perspective, Gambardello noted that a wedge chart pattern had formed on ADA’s 6-hour chart — suggesting that a breakout in the next few days is imminent. The analyst was unable to confirm in which direction ADA would move, but did share that his downside target for ADA would be $0.25, while a positive breakout may result in ADA’s price climbing to $0.34.
At press time, CoinMarketCap indicated that the altcoin was trading at $0.2924. This was after the crypto’s price climbed 3.40% over the past 24 hours. This positive daily performance was not enough to bring ADA’s weekly performance into the green, however, as the Ethereum-killer’s price was still down more than 1.49% over the past 7 days.
In addition to strengthening against the Dollar, ADA was able to outperform the two market leaders Bitcoin (BTC) and Ethereum (ETH) as well. At press time, ADA was up 1.74% against BTC and up 1.70% against its biggest competitor, ETH. Furthermore, ADA was trading closer to its daily high of $0.2937 than its 24-hour low of $0.2814.
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