Despite its recent lacklustre price performance, market experts remain extremely bullish about the Cardano price prospects. Notably, a crypto analyst has forecasted that Cardano, which is currently trading below the $1 mark, is on the brink of a major breakout, with the potential to skyrocket to $5.
Expert Sees Cardano Hitting $5 Soon
Popular crypto analyst, Dan Gambardello took to X (formerly Twitter) on October 6 to share his bullish projections for Cardano, highlighting past bull cycles and market trends. Gambardello told his 262,900 followers that Cardano could quickly rise above $1 between now and December.
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In a detailed video outlining the rationale behind his bullish prediction, Gambardello noted that if Cardano can follow the market trends established during the previous bull cycle, its price could easily skyrocket to $1. During the last bull market in 2021, Cardano had been among the top altcoins, experiencing significant gains that propelled its price to new all-time highs.
Although it surged to an all-time high of $3.10 in September 2021, Cardano has since plummeted by 88.43% and is currently trading at $0.35. CoinMarketCap’s data also reveals that ADA’s price has fallen by 8.41% over the past week, underscoring the cryptocurrency’s bearish momentum.
Despite the sluggish price growth, Gambardello has forecasted that ADA could potentially exceed all time highs to reach $5. The analyst emphasized that Cardano is even more well positioned for a bull rally than last cycle, highlighting positive signs in key metrics such as the altcoin’s Relative Index Strength (RSI) and higher low action.
To be more precise, Gamberdello projects that Cardank could reach $1 before the end of 2024, and then soar to new price levels between $5 and $10. The analyst has expressed confidence in this bullish outlook, emphasizing that a $5 price increase was a realistic target.
For Cardano to reach new all-time highs of $5, Gambardello has disclosed that the 50-week and 20-week Moving Average (MA) are crucial levels to watch. He stressed that ADA must first break above $0.38, and then move to $0.42 before it can experience a potential breakout to the upside.
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Bullish Forecast For Cardano Continues To Grow
Sharing a similar sentiment with Gambardello, a popular crypto analyst, identified as ‘Sssebi’ on X has…
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