Crypto analyst Dan Gambardello has forecasted a significant and potentially unexpected move for Cardano (ADA), which he believes could catch many investors off guard. In a recent analysis, Gambardello drew comparisons between the current market cycle and the token’s performance during the 2020 bull run, suggesting that a similar pattern may be unfolding.
Back in October 2020, Cardano was trading at just $0.09. Gambardello had published an analysis at the time predicting an upward trend for the asset, which proved accurate over the following months. Cardano’s value surged, reaching an all-time high of $3.10 in September 2021. This represented a substantial 3,340% return for investors who held the asset during that period.
Reflecting on this, Gambardello aimed to reassure current investors that the project remains on track. He highlighted that while ADA’s recent performance has been underwhelming, the conditions for another substantial move are building.
Still on Track for a New ATH?
In his recent video, Gambardello emphasized that the current six-month consolidation phase following Bitcoin’s April halving could end rapidly, potentially leading to a strong recovery for altcoins like Cardano.
He acknowledged concerns from some market participants about the token’s sluggish performance, especially compared to Bitcoin. However, he argued that these concerns are unfounded, based on historical data and trends.
Gambardello reminded his audience that altcoin rallies tend to follow several months after Bitcoin’s halving events. As the market nears the end of the post-halving consolidation period, he suggested that the token is poised for a significant move.
While some investors are anxious for the asset to reach new all-time highs, Gambardello pointed out that such expectations are premature, given historical cycles. He compared its current price, which is down by 88%, to its performance during the last cycle when it dropped by 92%. In his view, this indicates that ADA’s current position is not unusual and remains consistent with its past market behavior.
Strength in the Current Market Cycle
According to Gambardello, Cardano is in a much stronger position now than during the 2020/2021 cycle. He argued that the token has become ten times stronger, supported by advancements in the project’s infrastructure and governance.
Among these improvements are developments in Hydra scaling, enhanced Layer 1 security, and the shift to community ownership. These factors, in Gambardello’s view, make the bullish case for the asset in the 2024/2025 cycle even more compelling.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Potential for Cardano (ADA) to Surpass $1
Gambardello suggested that the asset could break through the $1 mark by December, especially if the broader cryptocurrency market experiences a breakout. He mentioned that the asset could reach between $5 and $10, which he considers a more realistic target given the current market conditions. However, he also cautioned that downside risks remain, with the possibility of further consolidation before the token begins its anticipated upward movement.
In summary, while the market may still experience fluctuations, Gambardello remains confident in Cardano’s potential for growth in the coming months, pointing to historical trends, current market positioning, and project-specific developments as key factors.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
