• Dan Gambardello predicts an 8,500% surge for Cardano (ADA) to $31.
  • MACD indicator signals a potential bullish crossover for ADA.
  • Other analysts remain cautious, forecasting ADA’s short-term decline or modest gains.

The price of Cardano (ADA) has been on a downtrend since March, but crypto analyst Dan Gambardello suggests that the token will start recovering soon. Gambardello, a popular voice on the Crypto Capital Venture YouTube channel, predicts ADA could surge 8,500%, reaching $31. His forecast is based on technical indicators that suggest a bullish trend is forming.

Analyst Predicts 8,500% Rally For Cardano To Reach $31 As Indicators Turn Bullish #Cardano #CardanoFeed #trading #ADA #crypto #CardanoCommunity #bitcoin #blockchain #governance #cryptocurrency #CardanoADA #btc $ADA https://t.co/VXQype7wTD

— Cardano Feed ($ADA) (@CardanoFeed) September 23, 2024

Bullish Signs Emerging for ADA

The MACD on the weekly chart shows a bullish crossover is possible while ADA’s 180-day MA is on a downtrend. The analysts emphasized these two factors could set up conditions for a big rally. Despite these positive signals, he advises caution. A failure to surpass the 20-day and 50-day moving averages could stall the bullish move, potentially leading to more price drops.

A More Conservative View

Not all analysts share Gambardello’s optimism. Crypto analyst Sssebi offers a more measured forecast. He expects ADA to rise 20x to 30x over the next year, with a possible peak of $10 by 2025. Meanwhile, trader Lingrid has a more bearish outlook for ADA. He expects the price of ADA to fall to $0.325 before consolidating between $0.30 and $0.34.

On-chain data supports Lingrid’s cautious approach. According to Coinglass , ADA’s Long/Short ratio stands at 0.926, indicating a bearish outlook among traders. Open interest in ADA futures has fallen 3.8% in the past 24 hours, reflecting investor hesitation. Despite this, ADA is currently trading at $0.36, up 3.3% in the last 24 hours. 

Read CRYPTONEWSLAND on google news

Additionally, trading volume had increased, reflecting higher participation from traders. While Gambardello’s $31 prediction may seem aggressive, the next few weeks will reveal if ADA can break through resistance. Traders are watching closely to see if this bullish trend holds or if bearish sentiment keeps ADA in check.

disclaimer read more

Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.