Dan Gambardello Predicts Bullish Trajectory for Cardano (ADA)

In his most recent analysis, renowned trader and analyst Dan Gambardello projected that Cardano (ADA) could reach $0.70–$0.75 in the medium term.

Gambardello asserts that for this to occur, the market champion, Bitcoin (BTC), must first experience a breakout.

The analyst disclosed that the region between $38,000 and $39,900 is a critical zone for Bitcoin. Per his assertion, the market leader surpassing this region may provide ADA with a favorable opportunity.

In support of his bullish outlook for the Ethereum killer, Gambardello noted that ADA’s weekly chart has not yet entered overbought territory.

This is in striking contrast to the recent price increases observed in other prominent cryptocurrencies, including Solana (SOL) and Avalanche (AVAX). As a result, the analyst declared that “an upside move is viable.”

Ahead of the weekend, Gambardello predicted in an X post earlier today that ADA could reach $0.45 from a short-term perspective.

As of press time, ADA was trading at $0.3915 per unit. This occurred following the altcoin’s 24-hour increase of 2.90%. The most recent price increase further drove ADA’s weekly performance into the green, amounting to +4.56%.

Despite Gamarbadello’s optimistic stance on Bitcoin and ADA, he cautioned that a correction remains a possibility for both cryptocurrencies shortly.

An adverse divergence has developed on the daily chart of the market leader, Bitcoin, as the Relative Strength Index (RSI) indicator decreased during the same period that the price of BTC increased.

As the most valuable cryptocurrency by market capitalization, Bitcoin continues to exert control over lesser cryptocurrencies like ADA.

As a result, Gambardello cautioned that a decline in the value of ADA could coincide with a decrease in the value of BTC.