thecryptobasic.com
Crypto commentator Dan Gambardello believes that Cardano (ADA) is on the verge of a major move, one that could catch many investors by surprise.
Gambardello shared this perspective in a recent analysis, reflecting on Cardano’s performance during the 2020 bull run and drawing parallels with the current market cycle.
He highlighted that precisely four years ago, in October 2020, ADA traded at $0.09. At that time, he posted an analysis projecting an uptrend for Cardano. Remarkably, this upswing materialized over the following months.
Cardano not only recovered but went on to set a peak of $3.10 in September 2021. Emphatically, Cardano’s rally from October of the previous year to its all-time high amounted to an incredible 3,340% return for investors.
Gambardello revisited this history to reassure current Cardano holders that the asset is on course and that the coming days are promising.
Cardano Still on Course: Not Late for ATH
In the video, the analyst stressed that the six-month consolidation following Bitcoin’s April halving could “end in a flash,” similar to what was witnessed four years ago, allowing altcoins like Cardano to stage commendable comebacks.
Meanwhile, given ADA’s lackluster performance during this period, some market participants are concerned about a scenario where Cardano fails to follow Bitcoin’s lead. Gambardello acknowledged that this sentiment is popular. However, he countered that this perception is misplaced based on available data.
The analyst reiterated that altcoin season historically occurs several months after Bitcoin’s halving. At the moment, the market is nearing the end of the post-halving consolidation phase.
He noted that while market participants are anxious for new all-time highs, the timing is not yet right based on historical trends. Gambardello compared Cardano’s current position to that of the last cycle and pointed out that ADA is down 88% compared to 92% during a similar period in the previous cycle.
Consequently, he emphasized that Cardano’s current underperformance is not unusual based on historical trends. Moreover, he noted that ADA’s position this time is even more robust than during the last cycle.
Specifically, Gambardello argued that Cardano has grown tenfold stronger since the 2020/2021 cycle. In his view, this makes ADA’s bullish thesis more compelling for the 2024/2025 season.
Among the factors that make Cardano stronger are improvements in infrastructure, including advancements in Hydra scaling, unmatched Layer 1 security, and the fact that the project is now community-owned.
How Quickly ADA Could Crack $1
According to Gambardello, the current consolidation phase could end abruptly, and Cardano could quickly break above the $1 mark by December. He hinted that a broader crypto market breakout could propel ADA to the $5-$10 range. He considers this range a more realistic target.
Nevertheless, Gambardello also cautioned that downside risks remain, with the possibility of further consolidation before ADA makes its anticipated move.