Cardano (ADA) is also not spared during the recent market crash. In the last 24 hours, the price fell by 10.7%, with which the downward trend has been continued since December. Yet the well -known analyst Dan Gambardello sees no reason to panic. On the contrary, he predicts that Cardano will be ready for a large rise.
Technical and historical patterns
Gambardello emphasizes in a recent video that he even bought extra Ada. According to him, the recent fall in price is not a sign of weakness, but a natural correction within the wider bull market. Right now he sees an attractive moment of buying.
The analyst points to Cardano’s relative Strength Index (RSI) on the monthly graph. This indicator, which indicates whether an asset has been bought or sold over, shows a retracement to the Moving Average.
What does this mean? In short, the RSI temporarily moves back to an average level, which, according to Gambardello, indicates a healthy cooling of the market, without the upward trend being broken.
Remarkably, Cardano showed a similar pattern during the Bullmarkt of 2020-2021. At the time, an explosive price increase followed. If the RSI rises again after this correction, this can be a powerful signal that Ada is preparing for a new rally.
Crucial price level
According to Gambardello, the price level of $ 0.70 is an important threshold. At the time of writing, the course has fallen to $ 0.64, with which Ada is just below this border. To prevent further losses, it is crucial that the coin quickly exceeds $ 0.70. If that doesn’t work, Cardano can expect even more downward pressure.
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Source: https://newsbit.nl/explosieve-groei-voor-cardano-analist-voorspelt-grote-ommekeer/
