The renowned trader and analyst Dan Gambardello predicted in his latest analysis that Cardano (ADA) could rise to as high as $0.70-$0.75 in the medium term. In order for this to happen, the market leader, Bitcoin (BTC), will need to break out first, according to Gambardello.
A Bitcoin Breakout Would Change EVERYTHING! Cardano Holders BUCKLE UP!
Intro 00:00
Bitcoin on the daily (resistance) 00:50
Bearish or bullish? 2:50
IF Bitcoin breaks out 4:15
A Bitcoin price fall to be aware of 6:30
Cardano still has room for breakout 7:40
Be CAREFUL with… pic.twitter.com/8ZlcZt2dxE— Dan Gambardello (@cryptorecruitr) November 24, 2023
The analyst revealed that a key zone to watch for BTC is the $38K – $39K range. According to him, the market leader rising above this region could lead to a strong move for ADA.
To back his bullish outlook for the Ethereum-killer, Gambardello noted that ADA has not reached overbought territory on its weekly chart. This is in stark contrast to other popular cryptocurrencies, such as Solana (SOL) and Avalanche (AVAX), which saw their prices rally over the past few weeks. This prompted the analyst to state that an “upside move is 100% in play.”
From a short-term perspective, Gambardello predicted in an X post earlier today that ADA may make a move to $0.45 in the next couple of days. Meanwhile, ADA was changing hands at $0.3915 at press time. This was after the altcoin recorded a 24-hour gain of 2.90%. This latest increase in price pushed ADA’s weekly performance deeper into the green to +4.56%.
Although Gamarbadello is bullish on BTC and ADA, he did warn that there is still the risk that both cryptocurrencies will undergo a correction soon. With regards to the market leader, a bearish divergence has formed on its daily chart as the Relative Strength Index (RSI) indicator was dropping while BTC’s price was rising during the same period.
Daily chart for BTC/USDT (Source: TradingView)
Since BTC is the largest cryptocurrency by market cap, smaller cryptocurrencies such as ADA remain at its mercy. Therefore, Gambardello warned that a drop in BTC’s price may lead to a drop in ADA’s price as well.
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