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- Dan Gambardello shared in his latest analysis that his upside target for ADA is $0.85.
- ADA was able to break out of a descending triangle pattern on its weekly chart over the past 24 hours.
- At press time, ADA was trading at $0.4774 after it recorded a 6.93% gain.
The popular trader and analyst Dan Gambardello predicted that Cardano (ADA) could soar to as high as $0.85 following a breakout above a bearish medium-term chart pattern. In the video, he highlighted that the altcoin was able to escape a descending triangle that had emerged on its weekly chart.
The latest breakout led to Gambardello speculating whether ADA could be exiting its multi-year bearish cycle and may be pivoting into the bull market on its weekly chart. He also revealed that this move is reminiscent of ADA’s price movement leading up to the previous Bitcoin (BTC) halving.
Following the build-up to this previous halving event, ADA started rallying. The analyst also noted that ADA is starting to behave similarly to its competitor Solana (SOL), which has seen its price surge over the past few weeks.
Weekly chart for ADA/USDT (Source: TradingView)
A key technical indicator to keep an eye on for ADA is the weekly Relative Strength Index (RSI) indicator. In his analysis, Gambardello revealed that the weekly RSI has recorded a series of higher highs, and could lead to ADA breaking the key level at $0.5940 soon.
Despite his overall bullish outlook for the cryptocurrency, the analyst did warn that a correction may soon ensue. Should ADA’s price pull back, Gambardello believes that it could fall to as low as $0.30-$0.35. Nevertheless, the analyst remains optimistic about ADA’s potential in the next bull market as he believes the altcoin is “undervalued” from a fundamental perspective.
At press time, ADA was changing hands at $0.4774 after it managed a 6.93% increase in price over the past 24 hours of trading, according to CoinMarketCap. This latest uptick in ADA’s value was a continuation of the altcoin’s positive weekly performance, which was up by 25.70%.
The post ADA Escapes Bearish Pattern and Could Climb to $0.85: Analyst appeared first on Coin Edition.