Analysts Expect an Explosion in Cardano (ADA) Price: The First Target is $1.5!

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Cardano (ADA) has exhibited an impressive uptrend recently, which has excited many market analysts. In particular, Dan Gambardello, Founder of Crypto Capital Venture, said that the price of ADA may experience a break that could reach $ 1.5. in his prediction found. Here are the details…

Gambardello remains at the forefront of current ADA predictions, strengthening his belief that the digital currency will rise above $1. Cardano’s slow but steady growth trend has become even more evident after a 35% increase last month. This leads Gambardello to believe that cryptocurrency has a real chance this time.

However, Gambardello, market analyst and creator of Rider Algo, does not give an exact basis for the $1.5 ADA price target. So, this prediction is not based on any specific analysis or data; rather, it is attributed to a combination of ADA’s overall performance and market trends.

On the other hand, analyst Trend Rider, who made a similar prediction, shared more information about why a breakout is imminent. According to Trend Rider, ADA is following a parabolic trend as in the past bull market where the price rose from $0.2 to $3.

Many investors and analysts use various technical analysis tools to determine the upward trend of the price. One of these tools is the “Parabolic Line”. This indicator is used to identify points where the price is rising rapidly and the trend is gaining momentum.

In Trend Rider’s analysis for ADA, it is seen that the Parabolic Line follows a similar course with past movements and the upward trend becomes stronger when the price rises above this line. For example, when examining a chart dating back to November 2020, the intersections of the Parabolic Line indicate significant increases in price. One of the intersections of this line was recorded in early 2020 and resulted in ADA rising to its All Time High (ATH) of $3.1 in September.

More recently, ADA’s price trend was again found to be closing above the Parabolic Line, which is similar to past bullish periods. This shows that the price has gained a certain momentum and is moving towards an upward trend.

If history repeats itself, Dan Gambardello’s $1.5 bet is likely to be among the first bullish targets.

You can follow the current price movement here.

Source : the crypto basic


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