Cryptocurrency analyst and trader Dan Gambardello recently tweeted about Cardano (ADA). In his analysis, Gambardello predicts that ADA’s price may break through the key resistance levels of $0.32 to $0.35.
#Cardano is sleeping, but this chart indicates that this situation won’t last long. $ADA
https://t.co/XDxbWsS2yu
– Dan Gambardello (@cryptorecruitr) July 4, 2023
The trader pointed out that despite the impact of the SEC lawsuits against Binance and Coinbase, ADA still has room for recovery. He also emphasized that ADA has more potential than Bitcoin (BTC) and Ethereum (ETH) as these cryptocurrencies do not require a bounce like ADA, making ADA a strong competitor to Ethereum.
Gambardello predicts that if ADA faces bullish pressure in the next week, the token’s price could rise to $0.32. Breaking this important resistance level would provide a strong bullish confirmation for ADA.
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After analyzing, if ADA’s price falls below the 20-day moving average, the downside target may be around $0.22. In both scenarios, ADA is expected to fluctuate by around 8-9%.
Traders and investors are advised to keep an eye on the 20-day moving average in the coming days as it may provide early indications of ADA’s short-term price movements.
Breaking below the 20-day average could lead ADA’s price to drop to $0.22, while the continued support of this line could push ADA’s price towards $0.32.
Shortly after the initial tweet, Gambardello posted another tweet expressing his belief that ADA will outperform other cryptocurrencies in the next bull market.
At the time of writing this article, ADA has risen by 24% in the past 0.8 hours, with a trading price of $0.4877.
