Crypto Analyst: Cardano is Poised for a Major Bull Race
- Cardano’s native cryptocurrency, ADA, is poised for a major bull run.
- ADA price action is showing that the current downtrend has reached exhaustion.
- ADA has the potential to recover its losses from ATH and rise higher.
Cardano’s native cryptocurrency, ADA, is poised for a major bull run, says Dan Gambardello, founder of Crypto Capital Ventures. In an analysis of a video uploaded to YouTube, Gambardello revealed that with an impressive Total Value (TVL), ADA has the potential to recover its losses from its all-time high (ATH) and surge higher.
Data from TradingView shows that ADA reached ATH of $3.09 on August 30, 2021. Since then, the price has plummeted, and Cardano’s native coin has lost nearly 90% of its ATH value. As of the time of writing, the price of ADA is at $0.36, having traded between $0.24 and $0.46 since the beginning of 2023.
According to Gambardello, an extended sideways movement after a significant downtrend is one of the indicators towards the next direction for ADA. He sees the current price behavior of ADA as a signal that the downtrend has reached exhaustion and that a reversal is imminent.
Gambardello backed up his prediction by comparing Cardano’s TVL with the kind of solutions offered by both blockchains and the potential to catch up or at least close the gap with Ethereum.
Data from multi-chain TVL stats dashboard DeFi Llama shows that Cardano’s TVL as of the time of writing is $146.61 million. The ATH TVL is $326 million, which means that the current TVL is only 55% below ATH, despite the coin depreciating by almost 90%. Gambardello believes that the improved TVL reflects significant bullish momentum that will propel ADA towards a new ATH in the next bull run.
Gambardello believes that Cardano can match the value of Ethereum, considering that both blockchains offer similar solutions. According to him, Cardano could smash expectations by challenging Ethereum’s ATH in TVL, which is $106 billion, nearly 1,000 times Cardano’s current TVL.
Disclaimer: Reviews and opinions, as well as all information shared in this price forecast, are posted in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.
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