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Analyst Dan Gambardello stated that Cardano is primed, and all indicators show a notable surge soon.
An analyst has pointed to these favorable indicators, suggesting that Cardano could be up for an expansive parabolic upsurge. Seasoned crypto expert Dan Gambardello has stated that Cardano has primed and is poised for an explosive price movement.
In a Monday tweet, the expert analyzed the ADA/BTC chart, showing that Cardano is historically at a point of price rally. He stated that ADA was down against Bitcoin by 92% before the last bull cycle. The current chart shows a 90% correction, signaling that Cardano may have bottomed.
A bullish engulfing on the ADA/BTC one-month timeframe further confirmed this analysis. The ADA price recovered against Bitcoin in the 1M chart after eight successive red candles and has gained on six consecutive days.
ADA Shows Bullish Signs
Gambardello also referred to the moving average convergence/divergence (MACD) indicator on Cardano’s weekly chart as a bullish confirmation. The MACD, which flipped bearish in Aprii, now tends towards the baseline, showing a trend reversal.
The expert stated that if the market shows bullish momentum, ADA could see a massive run as all indicators are ticking in the asset’s favor. He, however, noted that Cardano is testing the 20-day moving average at $0.35 in the daily, and the 50-day MA is close enough at $0.57. Hence, a break above these averages would see ADA move to a much higher price.
Although Gambardello didn’t state a price target for this forming scenario, his earlier analysis showed that the professional analyst expects nothing below a 1,000% rally. Per The Crypto Basic, he pointed to bullish divergence in the ADA/BTC chart, noting that ADA would target $3.553.
Macroeconomic Boast for Cardano
A further heightened bullish scenario for Cardano is the buzz around the network’s recent move to the Voltaire era. The September 1 Chang hard fork saw the network embrace decentralized, community-driven governance.
Gambardello cited a video from ADA enthusiast Dawson Allen, who revealed how advanced the Cardano network has become. Critics have previously reprimanded the blockchain for not being decentralized, secure, or scalable.
In the X video, Allen explained that the Cardano network has now almost ticked all these boxes, placing itself as one that solves all the blockchain trilemma. According to him, the addition of Hydra, transaction bundling via unspent transaction output (UTXO), and the recent decentralization quest have positioned Cardano as one of the biggest networks in the crypto space.