Cardano Bull Sees ADA Jumping 1,000% In An ‘Insane’ Rally

Cardano has been in the limelight lately, not only because it has slightly increased in price but also due to its forecasted surge. According to predictions, ADA may surge up 16% and reach as high as $0.37 by October 2024. But what really drew interest was the bold statement of Cardano analyst Dan Gambardello, that ADA could rally a whopping 1,000% against Bitcoin. Related Reading: Monero (XMR) Unfazed By Market Jitters, Climbs 13% – Details Gambardello’s forecast is based on a very similar setup to the bullish divergence in 2020 that indeed triggered a strong price ascent. In fact, despite this optimism, overall sentiment in the market for Cardano remains conservative. Although the price gain since then is insufficient to offset the 9% losses investors have suffered this week, it may provide a limited indication of increasing momentum for the coin. ADA has just recorded a modest gain in price of 2.5% to $0.3263. Analyst’s Bullish Case Gambardello is optimistic based on ADA/BTC’s technical chart. He pointed to a bullish divergence where the price of ADA keeps making lower lows, while the RSI and MACD are making higher lows-a sign that the downward momentum could be weakening and a reversal might occur very soon. Anyone who has followed crypto price movements knows this has been the precursor to many major rallies.

Sep 6, 2024 - 14:00

Cardano Bull Sees ADA Jumping 1,000% In An ‘Insane’ Rally

Cardano has been in the limelight lately, not only because it has slightly increased in price but also due to its forecasted surge. According to predictions, ADA may surge up 16% and reach as high as $0.37 by October 2024. But what really drew interest was the bold statement of Cardano analyst Dan Gambardello, that ADA could rally a whopping 1,000% against Bitcoin.

Gambardello’s forecast is based on a very similar setup to the bullish divergence in 2020 that indeed triggered a strong price ascent. In fact, despite this optimism, overall sentiment in the market for Cardano remains conservative.

Although the price gain since then is insufficient to offset the 9% losses investors have suffered this week, it may provide a limited indication of increasing momentum for the coin. ADA has just recorded a modest gain in price of 2.5% to $0.3263.

Analyst’s Bullish Case

Gambardello is optimistic based on ADA/BTC’s technical chart. He pointed to a bullish divergence where the price of ADA keeps making lower lows, while the RSI and MACD are making higher lows-a sign that the downward momentum could be weakening and a reversal might occur very soon. Anyone who has followed crypto price movements knows this has been the precursor to many major rallies.