Seasoned analyst is now forecasting a significant rise in Cardano’s (ADA) value, suggesting that reaching a price of $10 is becoming increasingly achievable.
Veteran market analyst and Cardano supporter Dan Gambardello is optimistic about the future price movements of ADA.
Following a recent surge in Cardano’s value, he believes the altcoin could be set for significant growth, making the $10 price target more attainable.
Key Indicators Suggest Growth
Gambardello pointed out that Cardano has experienced a remarkable 168% increase in just 17 days.
This surge is backed by key indicators, such as the 20-week and 50-week moving averages.
He noted that ADA’s current price behavior resembles patterns seen in November 2020, suggesting a cyclical trend that could lead to further increases.
A standout observation from his analysis is ADA’s latest monthly candle, which has effectively reversed two and a half years of declining prices.
With eight days left in the month, he emphasized the importance of closing above the 50-month moving average, currently around $1.09.
He also highlighted the $0.75-$0.76 area as a significant level on the weekly chart, indicating that upcoming days will be crucial for ADA’s short-term direction.
Realistic $10 Target
Gambardello compared ADA’s current price action to past cycles, noting that while the coin previously consolidated at this stage, its present movement shows less cooling off.
He suggested that a short-term pullback might align with historical patterns, allowing the market to strengthen before a larger rally.
Despite potential short-term fluctuations, he remains positive about ADA’s long-term outlook.
He predicts a near-term target of $1.05, with a broader range of $5 to $10 becoming increasingly realistic if momentum continues.
However, he cautioned investors to be ready for possible pullbacks, particularly around support levels of $0.60-$0.65.
Bullish Momentum Indicators
Gambardello also pointed to bullish signals from momentum oscillators like the stock RSI and MACD, which indicate a favorable market environment.
The MACD histogram is above zero, and the RSI shows significant room for growth, suggesting that ADA has not yet peaked.
He noted that recent positive headlines surrounding Cardano and developments in its ecosystem could further fuel its rise, surprising many investors.
Short-Term and Long-Term Outlook
In the short term, Gambardello identified $0.86 as a key resistance level, with the potential for ADA to reach $1 soon.
He mentioned that even a small increase could bring ADA to this milestone quickly, given its historical volatility.
However, he also warned that if ADA retraces to the $0.60-$0.70 range, consolidation might occur.
Looking to the future, Gambardello remains optimistic about Cardano’s long-term potential and suggests keeping an eye on broader market trends.
Particularly the performance of other cryptocurrencies like XRP, which has recently reached new highs.
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