While many cryptocurrencies have been regaining previous highs, Cardano (ADA) has yet to fully participate in the recovery. However, market analyst Dan Gambardello, founder of Crypto Capital Venture, believes this period of underperformance is nearing its end.
Gambardello, notably a Cardano proponent and investor, envisions the cryptocurrency reaching $12.80. He outlines a scenario where ADA builds momentum by first surpassing the $0.8 threshold. This, in turn, could act as a catalyst for successive price doublings.
.80 ADA inbound.
Half of $1.60.
Half of $3.20.
Half of $6.40.
Half of $12.80.
Stepping stones.
— Dan Gambardello (@cryptorecruitr) March 13, 2024
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Key Hurdle Cardano (ADA): Reclaiming the $0.80 Level
The $0.80 mark holds significance for Cardano, as prices last traded above this level in February 2022 – before the market-wide downturn fueled by the Terra (LUNA) collapse. Since then, ADA has struggled to establish a sustained presence above this resistance. A decisive break beyond $0.80 would be seen by many as a bullish signal for Cardano’s trajectory.
Analyst Projections: From $1.5 to $10
Market sentiment suggests a growing optimism toward Cardano’s future. Analysts within the cryptocurrency space such as Gambardello, anticipate ADA reaching between $1.5 and $3, reflecting performance consistent with the previous bull market.
Trend Rider, a popular crypto analyst, supports Gambardello’s projection. He suggests a potential surge mirroring its performance in the previous bull market: a move from $0.2 to $3.
Trend Rider’s analysis highlights a recent chart pattern dating back to November 2020, where ADA’s price trend crossed the “Parabolic Line.” Historically, this crossover in early 2020 preceded Cardano’s surge to its all-time high (ATH) of $3.1 in September of that year.
The same price pattern has now reemerged, with ADA’s price trend closing above the Parabolic Line. If this pattern holds, analyst Dan Gambardello’s projection of $1.5 for ADA could well be an early target on Cardano’s potential upward trajectory.
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Also, Ali Martinez, a technical and on-chain analyst, predicts Cardano’s price will rise up to $10 by the end of the current cycle. He wrote, “#Cardano seems to be mirroring its previous bullish cycle. If this pattern continues, we could witness a brief correction before $ADA goes parabolic toward $10!”
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Market Considerations
It’s important to remember that cryptocurrency markets are highly dynamic, and price predictions carry inherent uncertainty. That said, the confluence of analyst forecasts pointing to growth potential may be an encouraging sign for investors considering Cardano, in both the short and long-term.
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