- Dan Gambardello predicted that ADA may reach $7.50 in the next bull run.
- The analyst also forecasted that the altcoin may outperform BTC and ETH.
- At press time, ADA was trading at $0.2798 after it dropped nearly 3% over the past 24 hours.
The popular trader and analyst Dan Gambardello predicted in his latest analysis that Cardano (ADA) could conservatively reach $7.50 in the next bull run. In addition, he forecasted that the altcoin’s total market cap may reach $250 billion in the next cycle as well.
Should ADA’s market cap rise above the conservative $250 billion target, Gambardello believes that it could continue to soar to as high as $500 billion — taking the altcoin’s price to $15. He also speculated that ADA may outperform the two market leaders Bitcoin (BTC) and Ethereum (ETH) with this potential bullish move, as its DeFi ecosystem continues to grow in this bear market.
Although he is extremely bullish on ADA, Gambardello did not completely rule out the possibility of the crypto’s price trading flat or even dropping further in the next few months. In terms of timing, he estimated that the next altcoin season, wherein ADA’s price will most likely enter into this massive move, will take place post the 2024 BTC halving event.
At press time, CoinMarketCap had indicated that ADA’s price had slipped nearly 3% over the past 24 hours. As a result, the Ethereum-killer’s price stood at $0.2798. This negative daily performance dragged ADA’s weekly performance into the red as well to -2.35%.
The drop in price over the past 24 hours resulted in ADA also weakening against BTC by approximately 0.33%. It was, however, able to outperform its biggest competitor ETH by 0.73% during this same period. As a result, 1 ADA was worth 0.000009313 BTC and 0.0001504 ETH.
Daily chart for ADA/USDT (Source: TradingView)
From a technical perspective, ADA was resting on the crucial support level at $0.2752 after it had dropped below the 9-day and 20-day EMA lines on Wednesday. Should ADA’s price lose the support of this key level within the next 48 hours, then it may drop to the next support at $0.2504 in the following week.
On the other hand, ADA closing the next 2 daily candles above $0.2752 could set the altcoin up to climb to $0.3065 in the next couple of days. To reach this price point, however, ADA will first need to overcome the 9-day and 20-day EMA lines, which may act as strong resistance.
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