Cardano

bullish

Bitcoin

Show

CryptoCapitalVenture Founder, Dan Gambardello, has indicated that Cardano (ADA) is on the verge of a substantial price increase. Citing multiple factors, Gambardello suggests that the cryptocurrency could experience a significant upward movement soon.
In a recent <a href="https://x.com/cryptorecruitr/status/1832960374108307949" rel="noopener noreferrer nofollow">tweet</a>, Gambardello analyzed the ADA/BTC chart that highlights Cardano’s current positioning. Historically, the asset price action against Bitcoin has shown patterns of steep declines followed by strong recoveries.
Before the last major bull run, ADA saw a 92% decrease against Bitcoin. Currently, the chart reflects a similar correction of 90%, which Gambardello interprets as a signal that the cryptocurrency may have reached its bottom.
Further evidence of this potential bullish momentum is seen in the one-month ADA/BTC chart, where a bullish engulfing pattern has emerged. After eight consecutive monthly losses, the ADA price has notably recovered against Bitcoin, gaining strength over six consecutive days.
<h2 id="b-key-technical-indicators-show-bullish-signs-for-cardano-ada-b">Key Technical Indicators Show Bullish Signs for Cardano (ADA)</h2>
In addition to the price action analysis, Gambardello also pointed to technical indicators as signs of an impending rally. One such indicator is the moving average convergence/divergence (MACD) on the Cardano weekly chart. After turning bearish in April, the MACD is now approaching the baseline, which could indicate a trend reversal.
While Cardano’s market movement is contingent on overall market sentiment, Gambardello believes that if the broader crypto market turns bullish, ADA could be positioned for a significant rally. The price is currently testing the 20-day moving average at $0.35, and the 50-day moving average is close by at $0.57. A decisive move above these levels could lead to even higher price gains.
Though the analyst did not specify an exact price target in his latest forecast, Gambardello has previously hinted at the potential for a 1,000% increase in ADA’s price. He also pointed to a bullish divergence in the ADA/BTC chart and <a href="https://twitter.com/cryptorecruitr/status/1831520871443308584?s=19" rel="noopener noreferrer nofollow">suggested</a> that Cardano could target $3.553 in the long term.
<h2 id="b-cardano-s-macro-environment-adds-to-bullish-sentiment-b">Cardano’s Macro Environment Adds to Bullish Sentiment</h2>
Beyond the technical indicators, developments within the Cardano ecosystem are fueling optimism. The recent <a href="https://timestabloid.com/cardano-big-date-announced/" rel="noopener noreferrer nofollow">transition to the Voltaire era</a> is a key milestone in the asset’s roadmap. This shift was marked by the successful <a href="https://timestabloid.com/charles-hoskinson-reveals-whats-next-for-cardano-after-chang-upgrade/" rel="noopener noreferrer nofollow">implementation of the Chang hard fork</a> on September 1, which introduced decentralized, community-driven governance to the network.
This move is expected to significantly enhance the network’s appeal, as Cardano has been criticized for its perceived lack of decentralization, security, and scalability. According to Gambardello, these criticisms are becoming less relevant as the blockchain advances.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 We are on twitter, follow us to connect with us :- <a href="https://twitter.com/TimesTabloid1?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@TimesTabloid1</a>
 — TimesTabloid (@TimesTabloid1) <a href="https://twitter.com/TimesTabloid1/status/1680250907504656385?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 15, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
In a <a href="https://x.com/ddawsoncrypto/status/1832439305991516328" rel="noopener noreferrer nofollow">video shared</a> by ADA enthusiast Dawson Allen, the progress made by Cardano was highlighted, emphasizing how the network is addressing the blockchain trilemma.
Allen pointed to several recent upgrades, including <a href="https://timestabloid.com/cardano-team-launches-hydra-on-public-testnet-hoskinson-describes-it-as-significant-milestone/" rel="noopener noreferrer nofollow">Hydra</a>, transaction bundling via the unspent transaction output (UTXO) model and the network’s ongoing efforts toward decentralization. In his view, these developments position the token as one of the leading networks in the cryptocurrency space.
While no one can predict market movements with certainty, Dan Gambardello’s analysis suggests that the token is primed for a significant rally. Technical indicators, including historical price corrections and bullish patterns on the ADA/BTC chart, point to a potential bottoming out of ADA’s price.
Additionally, the progress within the tokens ecosystem, particularly the recent governance upgrade, adds further strength to the bullish case for the cryptocurrency. Although challenges remain, Cardano’s growing capabilities and improving market conditions could set the stage for a substantial price surge in the coming months.
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 <a href="https://twitter.com/TimesTabloid1" rel="noopener noreferrer nofollow">Twitter</a>, <a href="https://www.facebook.com/timestabloid/" rel="noopener noreferrer nofollow">Facebook</a>, <a href="https://t.me/markettabloid" rel="noopener noreferrer nofollow">Telegram</a>, and <a href="https://news.google.com/publications/CAAqLAgKIiZDQklTRmdnTWFoSUtFSFJwYldWemRHRmliRzlwWkM1amIyMG9BQVAB?hl=en-US&amp;gl=US&amp;ceid=US%3Aen" rel="noopener noreferrer nofollow">Google News</a>
The post <a href="https://timestabloid.com/crypto-founder-bitcoin-bulls-watch-out-cardano-major-breakout-in-formation/" rel="noopener noreferrer nofollow">Crypto Founder: Bitcoin Bulls Watch Out! Cardano Major Breakout In Formation</a> appeared first on <a href="https://timestabloid.com" rel="noopener noreferrer nofollow">Times Tabloid</a>.

Crypto Founder: Bitcoin Bulls Watch Out! Cardano Major Breakout In Formation

Table of Contents

Times Tabloid

Other articles published on Sep 11, 2024

Senator Warren: Winklevoss Twins Don’t Want “Fair Regulation”, John Deaton Counters

Standard Chartered Enters UAE Crypto Market with Custody Services for Bitcoin and Ethereum

MTS Detects Hundreds of Illegal Mining Farms in Russia

Cryptocurrency Company in Istanbul Hit by Birds! Shot for the Third Time in a Row!

Bitcoin On-Chain Data Signals BTC Price Nears Next Bull Run

What Will Happen in Bitcoin and Cryptocurrencies in the Coming Days? Here are Analysts’ Opinions

Join our free newsletter for daily crypto updates!