Cardano Set for Breakout: Here’s The Target Price
The post Cardano Set for Breakout: Here’s The Target Price appeared on BitcoinEthereumNews.com.
While Cardano (ADA) has not been a particularly favorable asset to hold in recent days, analyst Dan Gambardello has identified a potential short-term breakout for ADA. In his latest market update, Gambardello highlighted several key indicators and upcoming developments that could drive ADA’s price higher in the coming days. Price Target for Possible Cardano Breakout Notably, this month, Cardano revisited a ten-month low of $0.2799, which represented over 60% loss for investors who bought ADA in March. However, the asset has notably rebounded from this bottom, trading at $0.381 at press time. Yet, ADA is 9% below the value it traded four weeks ago. While pessimism toward ADA has heightened based on this recent price action, bullish analysts like Gambardello continue to emphasize that the asset’s trajectories are consistent with historical trends. In his latest analysis for holders, Gambardello noted that Cardano is showing signs of bullish momentum on its technical charts. He noted a bullish divergence on the weekly chart, where the relative strength index (RSI) is forming a higher low while ADA’s price is making lower lows. This divergence often indicates that the downward trend is losing strength, and a reversal could be imminent. Notably, ADA has increased by 5% in the last 24 hours. Furthermore, the analyst also pointed out that ADA is currently testing the 50-day moving average, a key resistance level. If Cardano breaks above this level, it could trigger a rally toward the $0.43 range, the analyst noted. Gambardello emphasized the significance of ADA attaining this threshold, suggesting it could mark a significant breakout from the symmetrical triangle pattern, potentially opening the door to higher levels. Upcoming Chang Hard Fork Could Fuel Momentum Furthermore, Gambardello highlighted that the upcoming Chang hard fork, scheduled for August 27, could serve as a catalyst for ADA’s breakout.…
Filed under: News - @ August 23, 2024 10:27 am