Despite its recent lackluster price performance, market experts remain extremely optimistic about Cardano’s future. A notable crypto analyst has projected that Cardano, currently trading below the $1 mark, is on the verge of a major breakout with the potential to skyrocket to $5.
Popular crypto analyst Dan Gambardello took to X (formerly Twitter) on October 6 to share his bullish projections for Cardano, emphasizing past bull cycles and market trends. Gambardello informed his 262,900 followers that Cardano could swiftly rise above $1 between now and December. In a detailed video explaining the reasoning behind his prediction, Gambardello highlighted that if Cardano follows the market trends from the previous bull cycle, its price could effortlessly hit $1. During the last bull market in 2021, Cardano stood among the top altcoins, experiencing significant gains that propelled its price to new all-time highs.
Although it surged to an all-time high of $3.10 in September 2021, Cardano has since plummeted by 88.43% and is currently trading at $0.35. Data from CoinMarketCap also reveals that ADA’s price has dropped by 8.41% over the past week, underlining the cryptocurrency’s bearish momentum. Despite the sluggish price growth, Gambardello has forecasted that ADA could potentially exceed all-time highs to reach $5. The analyst emphasized that Cardano is even better positioned for a bull rally than the previous cycle, citing positive signs in key metrics such as the altcoin’s Relative Index Strength (RSI) and higher low action.
Gamberdello specifically projects that Cardano could reach $1 before the end of 2024 and then soar to new price levels between $5 and $10. He expressed confidence in this bullish outlook, underscoring that a $5 price target is realistic. For Cardano to hit new all-time highs of $5, Gambardello identified the 50-week and 20-week Moving Averages (MA) as crucial levels to monitor. He stressed that ADA must first break above $0.38 and then move to $0.42 before it can experience a potential breakout to the upside.
Sharing a similar sentiment with Gambardello, another popular crypto analyst, identified as ‘Sssebi’ on X, has predicted that ADA could potentially skyrocket to $10 by 2025. This analyst notes that the cryptocurrency could see a sharp breakout to the upside, first surging to $0.50 before reaching the coveted $1 mark. Following this, Sssebi predicts that ADA will rise to $3, surprising the broader cryptocurrency market with its massive growth. He believes that a potential price surge to $10 will trigger a wave of investor FOMO (fear of missing out), as they recognize Cardano’s immense potential.