Trader shares his short-term price targets for Cardano (ADA)
- In his latest YouTube video, Dan Gambardello shared some of his projected goals for the ADA.
- The trader also made it clear that although he expects the price of ADA to drop soon, he is not ignoring the possibility that the price of ADA will go up.
- At press time, ADA is trading at $0.365 after a 0.06% price drop.
Yesterday, cryptocurrency trader and analyst Dan Gambardello shared some of his (ADA) price targets in his latest YouTube video. According to Gambardello, ADA has been stuck in a prolonged period of sideways price movements, which has frustrated investors.
He added that the ADA chart formed a large red rectangle, symbolizing nine months of consolidation with a narrow price range between $0.44 and $0.30. And while the altcoin price broke out of this range, it quickly fell back into it. However, he added that this extended period of sideways movement is not uncommon during bear market transitions.
ADA/USDT Daily Chart (Source: TradingView)
From a technical point of view, Gambardello noted that the ADA daily chart revealed a recent breach of a falling wedge pattern. Despite this, the Ethereum price killer was struggling to clear the 20-day EMA resistance.
Gambardello then highlighted the fact that there is an important support level around the $0.35 level, and a break below this level could lead to more downside towards the $0.33 range. Such a move would represent a significant decline, potentially around 9% to 10% from the current price level.
However, Gambardello did not ignore ADA’s potential for an upward move. If Cardano can find support and bounce, the trader believes the immediate target will be around $0.44 to $0.45. Zooming out, there remains a larger bullish scenario, according to him, with a potential target of $0.70 or higher in the long term.
At press time, ADA is trading at $0.365 after a 0.06% price drop over the past 24 hours. The weekly performance of ADA was also in the red and it stabilized at -0.70%.
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