- Dan Gambardello expressed his bullish sentiment towards Bitcoin and Cardano in a recent video.
- The analyst expressed his belief that developments on BTC’s and ADA’s ecosystems will ultimately add to the cryptos’ success.
- At press time, both BTC and ADA were trading in the green heading into the new week.
In a recent video, the analyst and crypto trader Dan Gambardello expressed his bullish sentiment towards Bitcoin (BTC) and Cardano (ADA), stating that he sees tremendous opportunities in both cryptos. He emphasized that his confidence lies not only in the prices of BTC and ADA, but also in the overall crypto ecosystem and its developments.
The video highlighted the ongoing movement on the Bitcoin daily chart, where the price faced resistance at the 50-day moving average and the upper trend line of a symmetrical triangle. The analyst mentioned the possibility of a breakout to the upside to just below $32K, though he also acknowledged the potential for pullbacks along the way.
Weekly chart for BTC/USD (Source: TradingView)
Gambardello also emphasized the significance of Bitcoin’s support at the 200-week moving average on the weekly chart, considering it a crucial level to watch. Switching to Cardano, he discussed the importance of the 20-week moving average and its recent convergence with the 50-week moving average.
The analyst noted that Cardano’s price is testing these moving averages, indicating the need for an explosive move to establish a bullish trend. He also mentioned the positive divergence observed on the short-term charts, suggesting the potential for a breakout.
Weekly chart for ADA/USD (Source: TradingView)
Furthermore, the analysis highlighted the thriving ecosystems of both Bitcoin and Cardano, with various altcoins launching on Cardano and Bitcoin’s ecosystem witnessing developments in NFTs and BRC20 tokens. While noting the ongoing challenges and resistance levels, Gambardello maintained optimism regarding the upcoming bull market.
CoinMarketCap indicated that, at press time, both BTC and ADA were trading in the green. BTC was worth about $27,933.84 after a 2.70% price increase. Meanwhile, ADA was trading hands at $0.3801 after a 1.77% price rise.
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