ADA, Cardano’s native token, could reach $1 by the end of this cycle, says ADA bull and crypto analyst Dan Gambardello. For Gambardello, the token has set up a “great and normal technical setup” since going through a “phenomenal throwback to a colossal triangle pattern.”
In an X post (formerly Twitter), Gambardello noted that the altcoin is about to enter a green October and predicts ADA will reclaim $1 quickly.
Using the chart, the crypto analyst highlighted that ADA has a support level around the $0.21 and $0.24 price levels and a retest of the same would push the prices higher.
Read also: ADA Holders Gain Voting Power in Cardano’s Latest Upgrade
Cardano has several key milestones on the horizon including the Voltaire upgrade, the Chang hard fork, and the drafting of the Cardano Constitution. Explained by Cardano creator Charles Hoskinson, the hard fork will introduce the much-awaited governance features of the to create one of the most advanced governing stack. The Voltaire upgrade would also unlock a massive 1.5 billion ADA in the Cardano sovereign wealth fund.
ADA Price Shows Bullish Signs
According to the data from CoinMarketCap, the ADA token rose 2.10% in the past 24 hours and is trading at a price of $0.3623. Further, the cryptocurrency’s price surged 8.75% in the past seven days while skyrocketing 47.93% since September 2023. However, the altcoin is down 6.29% in the past 30 days.
The Relative Strength Index (RSI) for ADA’s price movement has become bullish, with the slope of the line suggesting that bulls are largely in control of Cardano. The indicator’s value is 56.4, indicating that demand for the token is relatively high. Moreover, the accumulation/distribution line suggests that accumulation of the cryptocurrency continues to increase as the market recovers.
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