Analyst Predicts ADA Could Rise 15% If SOL Breaks Above $18.83

  • Dan Gambardello predicted that ADA could rise 15% in the coming few days.
  • The analyst’s forecast follows SOL’s gain in the past 24 hours, which he believes will be replicated by ADA.
  • At press time, ADA was trading at $0.2824 after it gained 3.97% over the past 24 hours.

The crypto trader and analyst Dan Gambardello predicted that Cardano (ADA) may experience a 15% move in the coming days. In his latest Analysis, he noted that Solana (SOL) is retesting a key resistance level at $18.83. Should SOL’s price continue to rise, the analyst believes that ADA will soon follow suit.

If ADA’s price rises in the coming few days, Gambardello speculated that it may make a move towards the $0.32 resistance level, which he noted is a strong barrier that the altcoin will have to overcome. Furthermore, a break above $0.35 will be a big confirmation of a bullish breakout, according to the analyst.

On the other hand, if SOL’s price is rejected by the aforementioned $18.83 mark, then ADA’s price may be at risk of dropping in the next few days. In this scenario, Gambardello shared that his downside target for ADA’s price is $0.22.

At press time, ADA was trading at $0.2824 according to CoinMarketCap. This is after the crypto printed a 24-hour gain of 3.97%. This positive daily performance was not enough to flip the altcoin’s weekly performance into the green, however, as ADA was down 3.77% over the past 7 days.

The crypto’s 24-hour gain enabled ADA to strengthen against the two market leaders Bitcoin (BTC) and Ethereum (ETH) over the past day of trading. As a result, ADA was up 2.42% against BTC and 1.87% against the largest altcoin by market cap.

Daily chart for ADA/USDT (Source: TradingView)
Daily chart for ADA/USDT (Source: TradingView)

From a technical perspective, ADA was able to break above the 9-day EMA line over the past 24 hours and continued to trade above the technical indicator at press time. The crypto’s price had also attempted to challenge the longer 20-day EMA earlier in today’s trading session but was unable to break above the level.

Disclaimer: The views and opinions, as well as all the information shared in this price Analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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