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- BTC’s dominance could fall soon to make way for altcoins to move up.
- A break above ADA’s long-term resistance could lead to its price climbing as high as $0.6.
- ADA is currently trading at $0.3797 after an 8.14% increase in price.
In his newest YouTube video, crypto influencer and trader Dan Dambardello shared more about his thoughts on Cardano (ADA), and what price the Ethereum-killer could be targeting next. One of the first things Gambardello looked at is Bitcoin’s (BTC) dominance in the market at the moment.
Market Cap BTC Dominance (Source: TradingView)
Gambardello explains that BTC’s dominance has now met a resistance, which could mean that the crypto king’s dominance could soon fall. He believes that this could be because altcoins, like ADA, could be ready to make a move up.
Cardano / US Dollar 1D (Source: TradingView)
The trader went on to explain that ADA’s long-term resistance currently lies around $0.4215, which has been a very stubborn resistance for ADA to crack. Gambardello also explained that this resistance area is crucial for ADA at the moment. A break above this price could lead to ADA’s price climbing as high as $0.6 in the near future.
On the other hand, if this hurdle is too big for ADA, it does not spell good things for the altcoin. Despite this, Gambardello holds fast in his belief that “ADA is primed for a move up”.
CoinMarketCap indicates that ADA is currently trading at $0.3797 after an 8.14% increase in price over the last 24 hours. The altcoin is, however, still down by 0.19% over the last week. The altcoin’s 24-hour trading volume is currently in the green zone and stands at $390,868,948 after a more than 30% increase since yesterday. With its market cap of $13,187,189,295, ADA is ranked as the 7th biggest crypto.
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