Cardano price has been trending inside a bullish structure while the entire crypto market lost 1.9% in the last 24 hours. The crypto asset has been moving sideways for the past about two weeks, and a breakout to the upside could turn the ADA price bullish.
Crypto analyst and founder of Crypto Capital Ventures Dan Gambardello has recently predicted that the price of Cardano will reach $0.5 by the end of October 2024. This forecast has sparked chatter within the crypto space, suggesting a nearly 41% increase from the ADA current price of approximately $0.34.
Cardano will hit .50 by end of October.
If not I’ll give someone in the comments 1,000 $ADA.
Let’s go!
— Dan Gambardello (@cryptorecruitr) October 12, 2024
As of press time, ADA price has been down 2.8% in the last 24 hours and trading at around $0.344. The crypto market has been experiencing fluctuations, with Bitcoin price slumping below $59,000 and a sudden rebound to $63,000 over the weekend.
Cardano Price Analysis: Is $0.5 The Next Stop?
From a technical standpoint, the ADA 12-hour chart shows signs of a potential bullish breakout following a period of consolidation. Here’s a closer look:
Cardano price has generally been trending upwards, supported by an ascending trendline that has been in place since early August, with higher lows being consistently formed.
A breakout is expected as the price tests trendline support near $0.34, reinforcing the strength of this key level. The next challenge lies in the resistance zone between $0.39 and $0.40.
If ADA price manages to break through this resistance, it could see substantial gains, with the next target around $0.50—representing a 41% increase from current levels.
If the Cardano price breaks out with volume and holds above the $0.40 resistance zone, it could signal a continuation of the bullish trend. ADA price could push towards $0.50 and even beyond.
4 Catalysts For An ADA Price Rally
- Cardano founder Charles Hoskinson, has been actively addressing criticisms and promoting the ADA growth and future plans. This proactive approach has helped maintain investor interest and confidence in ADA.
- Additionally, Cardano’s completed Voltaire upgrade and other key milestones will enhance its governance features and unlock significant value.
- Cardano partnered with FTSE Russell, a leading global index provider, to enhance the coin’s visibility and credibility among institutional investors. This partnership allows for easier assessment of Cardano’s performance and risk as a digital asset.
- Many investors perceive the Cardano price to be in the “depression phase” of the market cycle, which often presents accumulation opportunities. Buying ADA during this period could prove profitable.
These developments could act as catalysts for an ADA price increase, aligning with Gambardello’s prediction.
Cardano Is Bullish
Cardano price shows potential for significant gains, with a bullish breakout pattern forming after the recent consolidation. Analyst Dan Gambardello’s prediction of ADA reaching $0.50 by October 2024 reflects a 41% increase from its current levels. Key resistance at $0.40 and positive catalysts, such as the Voltaire upgrade and partnerships like FTSE Russell, could support this upward movement. However, ADA must first clear critical resistance levels for the rally to continue.
Frequently Asked Questions (FAQs)
Cardano price has decreased by 2.8% in the last 24 hours, trading around $0.344.
ADA faces initial resistance between $0.39 and $0.40. A breakout above this range could trigger a strong upward movement, with $0.50 as the next target if buying momentum continues.
While reaching $0.50 would require a 41% increase from current prices, analysts like Dan Gambardello are optimistic. For this to happen, ADA would need to break key resistance levels and maintain strong buying volume.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/can-cardano-price-reach-0-5-as-top-analyst-turns-bullish-on-ada/
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