Analyst Shares Why He Believes ADA’s Price Will Boom Soon

  • There is an inverse head and shoulders pattern on ADA’s daily chart which is a bullish sign.
  • ADA is trading at $0.4392 after a 9.10% price increase over the last 24 hours.

Well-known crypto analyst and influencer Dan Gambardello, shared his thoughts about Cardano (ADA) breaking out in his newest YouTube video. The analyst also shares some of the bullish signs he has observed on ADA’s charts.

Gambardello is notorious for his support of Cardano. In this video, the analyst explains that this stems from his devoted belief in the potential of Cardano’s fundamentals and new technological developments.

The influencer’s excitement about Cardano’s potential is also fueled by the fact that billionaire investor Mark Cuban has admitted to being an investor and advisor in Cardano. This comes a mere eight months after Cuban stated in a video that he sees no potential in the project.

The analyst also stated that there are various indicators that suggest ADA is ready to boom. One of these indicators is Cardano’s Total Value Locked (TVL) which continues to climb. Gambardello believes that although the bull market might not be here yet, it is a sign that it is fast approaching.

ADA / USD 1D (Source: TradingView)

From a technical perspective, Gambardello pointed out the inverse head and shoulders pattern on ADA’s daily chart. This could be an extremely bullish sign for the Ethereum-killer according to Gambardello.

ADA / USD 1W (Source: TradingView)

The analyst also pointed out that ADA is moving closer to the 50-week moving average on the weekly chart. A breakout above this level by the end of the week could be key in figuring out what ADA’s price could do next.

Although things could still very well go both ways for the altcoin, Gambardello holds firm in his belief that ADA is primed for a move up soon. At press time, ADA is trading at $0.4392 after a 9.10% price increase over the last day according to CoinMarketCap.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Related Articles

Back to top button