Analyst Bets on Cardano to Hit $0.5 Within This Timeline

Market analyst and Crypto Capital Venture founder Dam Gambardello has placed a bet on Cardano hitting a six-month high by the end of October.

Amidst Cardano’s rebound, analyst Dam Gambardello believes ADA is on track to breach the $0.5 price mark. For context, Cardano has spiked over 3% in the past 24 hours after holding the major support at $0.33, reigniting optimism among investors.

Notably, the bounce from the support defied a previous bearish analysis from a notable market commentator. Analyst Siyamakbayrami had argued that Cardano would test the price range between $0.22 and $0.26 if the demand zone at $0.33 failed to hold.

With the rebound, Gambardello says he believes Cardano would sustain the bullish trend and surge to $0.5 by the end of this month, with October only 19 days from closing. Although he didn’t specify the reason behind the call, he placed an incentive for a user if ADA failed to hit the price mark.

A 1,000 ADA Bet on The Line

To assure his 263,400 followers of his conviction, Gambardello noted he would give 1,000 ADA to a user if Cardano failed to breach the $0.5 price mark.

Notably, an uptick to $0.5 from ADA’s current price is not much of a lofty speculation, as it would require that the 11th largest crypto asset surge almost 30% from its current price of $0.3532. For context, Shiba Inu surged 21% in one day and 43% in the nine days in late September to reach a ten-month high of $0.0000213.

However, considering Cardano’s recent price performance, the surge seems challenging. Also, the recent broader market volatility has triggered doubt among some market participants. For context, Bitcoin dipped below $59,000 on Thursday, leading to a broader market downtrend.

Meanwhile, the analyst is willing to part ways with 1,000 ADA if his predictions don’t go well. At the current price, the US dollar worth of 1,000 ADA is $353.2

Analysis Backing $0.5 Call

Gambardello has long speculated an ADA uptick to $0.5. His Saturday prediction came three weeks after his earlier assertion that the altcoin would trade at the price mark. In his initial analysis, he cited a breakout from a symmetrical triangle and favorable macroeconomics, like the impending Federal Reserve rate cut, as driving factors.

In another assertion, Gambardello cited a supercharged ADA/BTC chart and stated that all indicators point to an explosive rally. He also noted that ADA would test the 50-day MA close to $0.57, with a successful outcome driving the asset 1,000% to $3.553.