- 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)
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.
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