Analyst Dan Gambardello said, ISLAND He believes that the coin could reach $1 by the end of this cycle. According to Gambardello, the coin has formed a “wonderful and normal technical setup” since experiencing a “phenomenal retracement into a massive triangle formation.”
Based on the chart, the analyst said, altcoinHe emphasized that the has support level around the $0.21 and $0.24 price levels and a retest of the same level would push prices higher.
Cardano has several major milestones in the pipeline, including the Chang hard fork, the Voltaire upgrade, and the drafting of the Cardano Constitution. Announced by Cardano’s founder, the hard fork will introduce much-anticipated governance features to create one of the most advanced governance stacks. The Voltaire upgrade is also expected to unlock 1.5 billion ADA in the Cardano sovereign wealth fund.
Bullish Signals from ADA
According to data from CoinMarketCap, the altcoin has gained 2.10% in the last 24 hours. Additionally, it is trading at a price of $0.3623. Furthermore, crypto money The price of the unit has increased by 8.75% in the last seven days and has increased by 47.93% since September 2023. On the other hand, ADA has decreased by 6.29% in the last 30 days.
Technical indicators suggest that the bulls are largely in control of Cardano. Data suggests that demand for the token is relatively high. Moreover, the accumulation/distribution line shows that accumulation of the cryptocurrency continues to increase as the market recovers.
