Prospective Boost for Cardano (ADA) – Analyst’s Insight
Crypto trader and analyst Dan Gambardello has speculated a potential 15% gain for Cardano (ADA) in the approaching days. In his most recent analysis, he observes Solana (SOL) as it retests a crucial resistance level of $18.83. Should the price of SOL continue its climb, Gambardello believes that ADA is likely to mirror this trend.
Should ADA’s price ascend in the next few days, Gambardello suggests a move towards the $0.32 resistance level could occur, which he denotes as a formidable hurdle that the altcoin needs to surpass. Moreover, a breach above $0.35 would be a strong confirmation of a bullish breakout, according to the analyst.
However, if SOL’s price is rebuffed at the $18.83 mark, then ADA’s price could be susceptible to a drop in the subsequent days. In this scenario, Gambardello proposes a downside target of $0.22 for ADA’s price.
ADA’s Performance – Market Snapshot
As per CoinMarketCap, ADA was trading at $0.2824 at the time of reporting. The cryptocurrency experienced a 24-hour gain of 3.97%. However, this encouraging daily performance did not offset the altcoin’s weekly downturn, as ADA had depreciated by 3.77% over the last 7 days.
ADA’s 24-hour gain enabled it to fortify against the two market leaders, Bitcoin (BTC) and Ethereum (ETH), over the past trading day. Consequently, ADA rose by 2.42% against BTC and 1.87% against ETH, the largest altcoin by market cap.
Technical Outlook for ADA
From a technical standpoint, ADA managed to rise above the 9-day EMA line over the past 24 hours and maintained its position above this technical indicator. The crypto’s price also endeavored to challenge the more extended 20-day EMA during the day’s trading session but failed to surpass this level.
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