Cardano Bull Sees ADA Jumping 1,000% In An ‘Insane’ Rally
September 06 2024 - 6:30AM
NEWSBTC
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. 🚨 Insane bullish divergence on the ADA/BTC
daily chart. Last time this happened 4 years ago, Cardano rallied
over 1,000% against Bitcoin. pic.twitter.com/cR0uqkIcTe — Dan
Gambardello (@cryptorecruitr) September 5, 2024 And he’s rather
outspoken about his bold forecast, too. In a recent X post,
Gambardello pinpointed how similar conditions were set back in
2020: ADA was also struggling then, but the bullish divergence set
off a major rally against Bitcoin that took ADA to new all-time
highs. If history repeats itself, we might well be looking at an
“insane” price rally for ADA once again. Market Sentiment: Bearish
Or Bullish? It is not all moonbound, though, for Cardano. If
Gambardello’s rosy projection were anything to go by, the opposite
might be said by the wider market. Market sentiment at the moment
is without a doubt bearish. The Fear & Greed Index, one of the
major barometers of investor confidence, rests at 22, indicating
“Extreme Fear.” This in effect means most investors are still very
skeptical about making a big move in ADA and risk appetite remains
very low. Over the last 30 days, ADA has experienced some
relatively moderate turbulence; only 53% of its days are in the
green. The price action hasn’t really been consistent, and this
kind of downward volatility could as well scare away many potential
investors in search of some more durable pricing momentum. While
the forecast for a rise by October 2024 is 16.24%, the current
environment doesn’t really stand to inspire much confidence. One
would be somewhat reasonable at being hesitant, given the
temperamental nature currently governing the markets. Related
Reading: Aptos (APT) Dips 15% As New Innovations Fail To Spark
Momentum ADA Price Forecast That leaves the investors to decide on
a difficult matter. On one side, the technicals Gambardello
presents show a possible breakout. Conversely, the state of the
market is somewhat erratic, and generally the vibe is simply not
optimistic. Maybe investors would be better off waiting for more
persuasive proof of ADA’s next action and treading gently for now.
The next few weeks are going to be crucial for Cardano. And though
Gambardello’s prediction did manage to raise hope, the general
market still seems to weigh down any immediate bullish momentum.
For the time being, caution might be the best approach, but the
moment ADA starts breaking out of its range, things can change
pretty fast. Featured image from Medium, chart from TradingView
Monero (COIN:XMRUSD)
Historical Stock Chart
From Oct 2024 to Nov 2024
Monero (COIN:XMRUSD)
Historical Stock Chart
From Nov 2023 to Nov 2024