Then Gambardello, the founder of Crypto Capital Venture, has provided a bullish analysis of Cardano’s (ADA) current price action. The crypto analyst also dispelled this idea ADA will not perform well in this bull cyclenoting that the crypto token is where it is intended before taking off.
Where Cardano is going
Gambardello mentioned in a video posted on its X platform (formerly Twitter) that CardanoADA could rise to $1.15 and even $1.50 in its next step up. He made this statement while highlighting a reversal zone on the weekly chart that was crucial last time ADA broke out.
The crypto analyst claimed that the token is once again at the bottom of this reversal zone, which happened before ADA broke out last time. Meanwhile, looking at the order book, he revealed that it is historically speaking a lot of interest and market participants at the $1.20 price level. As such, it is another area that could act as a “magnet for ADA at the top of the turnaround zone.”
The crypto analyst also sought to allay the fears of those concerned about ADA’s current price action. He stated that the token is lagging while Bitcoin is reaching new all-time highs (ATHs) is “historically normal” and suggested there was a step forward for ADA based on data from previous cycles. Gambardello further claimed that “things are on track,” so there is no reason to worry.
An explanation for ADA’s current price action
Gambardello also discussed why ADA hasn’t seen any parabolic moves yet. He alluded to the Bull Run 2021 when Bitcoin continued to reach new highs between December 2020 and January 2021, while Cardano lagged behind during the same period and did not make any movement until later in January 2021.
He added that ADA at the time was 80% away from its ATH before it made its move and even continued to fall while Bitcoin was rising. However, that suddenly changed when “ADA went crazy on the positive side.” The crypto analyst then reaffirmed his belief that ADA “may lag, but when it finally moves, it moves really strongly.”
Gambardello had previously predicted that the ADA could rise to $11 in this bull cycle. At the time, he noted that the crypto token is now more robust basics compared to the last bull run.
At the time of writing, ADA is trading around $0.73, down in the last 24 hours. facts from CoinMarketCap.
ADA price at $0.739 | Source: ADAUSD on Tradingview.com
Featured image from Swyftx Learn, chart from Tradingview.com
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