Cardano (ADA) Price Prediction: Analyst Says $0.55 Possible
Dan Gambardello predicted that ADA prices could soon rise to $0.55. The cryptocurrency markets could experience increased volatility following the Federal Reserve’s interest rate cut. Gambardello also warned investors to be prepared for a potential “cryptocurrency crash.”
It is expected that ADA, the native token of Cardano, a competitor of Ethereum, will make a comeback in the crypto world and reclaim its position among the top 10 cryptocurrencies by market capitalization. Crypto analyst and Cardano bull Dan Gambardello has said that the altcoin will soon reach a price of $0.55 as a bullish scenario unfolds.
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Analyst’s Forecast
In a post on X (formerly Twitter), Gambardello predicted that the markets are likely to be “restless” with the introduction of interest rate cuts by the US Federal Reserve on Wednesday, meaning that the volatility of digital assets like ADA could increase in the short term.
Gambardello advised that it would be wise to anticipate and visualize a decline in crypto prices and warned investors not to invest in ADA and other cryptocurrencies during this time of potential volatility. The analyst added that if ADA falls and triggers a downtrend, the situation would turn out to be a “false breakout,” leading to a massive price increase towards $0.55.
Price Chart Analysis
Gambardello posted the above chart on X, showing the likelihood of ADA shooting up from current levels of $0.33 to $0.55. Interestingly, ADA has dropped by 89.23% from its all-time high of $3.10 on September 2, 2021, according to CoinMarketCap data, and has fallen by 1.79% in the past week, but has risen by 33.71% since September last year.
Increase in Trading Volume
In the last 24 hours, the trading volume of the ADA token has increased by a massive 16.2% and is currently at $221 million. Additionally, the altcoin is the eleventh largest cryptocurrency by market capitalization, valued at $11.9 billion.
Technical Analysis
The Relative Strength Index of the ADA token is at 44.06, indicating that bears generally have control over the price movement of the cryptocurrency, while the gradient of the line suggests that higher prices could be on the horizon. Furthermore, the Accumulation/Distribution line shows that accumulation of ADA has decreased, indicating a decrease in investor demand.
