thecryptobasic.com
A seasoned analyst has given a fresh price perspective on Cardano, tipping the asset to break out from its savory price pattern to $0.90.
In a recent analysis, Cardano bull Dan Gamberdello has speculated an impending bullish outburst for ADA. The market speculator and YouTuber asserts that Cardano would break out from a well-structured price pattern for more upsides.
Analyst Says ADA’s Next Upside Will Target $0.90
Cardano’s bullish upsurge has lost steam amidst a broader market consolidation in the past few days. The ninth-largest cryptocurrency by market cap is down 2.24% in the past 24 hours and 9.7% from its famous November 16 price rally to a multi-year high of $0.8117.
Meanwhile, Gambardello acknowledged the cooling rally, noting that Cardano “took a rest for a couple of days.” He then insisted that the digital asset looks poised to continue its upside, citing a possible breakout from a price structure.
The Cardano bull shares a 4H ADAUSD chart, noting that the digital asset has formed a bullish symmetrical triangle while it consolidated. He emphasized that the triangle has pulled Cardano into the green 20-day moving average, establishing a “really nice structure.”
Furthermore, Gambardello shows that ADA is approaching the top of this symmetrical triangle and could break from the pattern imminently. The analyst asserted that the impending structure crack would propel ADA at least 21.6% to $0.90.
Other Cardano Bullish Indicators
Meanwhile, Gambardello’s technical analysis aligns with other events on the Cardano network, signaling bullish momentum. For instance, data from DeFiLlama shows that the total value locked (TVL) on Cradano has increased twofold in a few days.
The on-chain analytical firm revealed that Cardano’s TVL surged from $199 million on the November 5 US election day to an impressive $457.9 million, representing a staggering 130% growth.
Also, the social buzz around Cardano has surged significantly. Data shows that “Cardano” is nearing 2 billion impressions on X, as posts and mentions related to the ecosystem have improved considerably.
In the meantime, Cardano trades at $0.7354, with a market cap of $25.7 billion.