In a recent post on X (formerly Twitter), renowned cryptocurrency trader and analyst Dan Gambardello suggested that Cardano (ADA) might attain a $11 target. He emphasized that this price projection is “a highly realistic figure.”
Despite the analyst’s optimistic perspective on ADA, the cryptocurrency has experienced a decline in price within the last 24 hours. According to data from CoinMarketCap, ADA registered a 1.24% decrease, currently trading at $0.5599. However, when examining longer timeframes, ADA still showed a notable increase of over 32% in the past 7 days.
At present, ADA is testing the formidable resistance at $0.5940. If it successfully concludes a daily candle above this barrier within the next 48 hours, it could pave the way for a rise to $0.7425 in the upcoming week. Conversely, failure to secure a daily candle closure above $0.5940 within the next two days may expose the altcoin to the risk of a significant correction.
In a bearish scenario, ADA might descend to the support level at $0.45. Persistent selling pressure could potentially push ADA below this point to $0.3205 within the following two weeks.
Technical indicators on ADA’s daily chart suggest a potential pullback in the coming days. Both the Moving Average Convergence Divergence (MAD) and the Relative Strength Index (RSI) indicate diminishing buying pressure for ADA.
Within the last 24 hours, the RSI line dropped below the RSI Simple Moving Average (SMA) line, signaling a significant bearish development and suggesting that sellers are gaining an advantage over buyers in ADA’s chart. Additionally, the MACD histogram displayed a negative slope, potentially indicating an early sign of a bearish trend reversal for ADA.