Cardano is currently trading at $0.678, with a slight decline of about 2.8% over the past 24 hours. ADA has been fluctuating between $0.665 and a high of $0.70 in the last 24 hours.
ADA Building For a Big Move
Analyst Dan Gambardello has pointed out that Cardano’s momentum is extremely oversold on the Stochastic RSI, one of the lowest points it has been in years. Although there is no bounce or relief yet, he claims that this is not purely bearish and ADA is building up energy for a big move.
The price also just broke below a key trendline, so most traders can expect further price drops. But Dan believes that this kind of setup often leads to a surprise breakout. So while ADA may look weak now, it could be preparing for a strong rally.
Institutional Giants Back Cardano
The analyst also highlighted a major developement in the Cardano ecosystem. The $.1.6 trillion asset manager Franklin Templeton is now running Cardano nodes. Frederick Gregaard, CEO of the Cardano Foundation also confirmed the move, recognizing it as a key step in blockchain infrastructure adoption.
Norway’s NBX is partnering with Cardano to build Bitcoin-based DeFi. Cardano’s secure design makes it perfect for such advancements as more institutional money flows into crypto.
Cardano’s fundamentals are improving despite price struggles. Dan reminded the critics of his October 2024 prediction when ADA was at 0.36 and then rose to 300% and current price setup looks similar. ADA’s support lies between $0.58-$0.64 level.
Will ADA Rally?
If ADA holds above the 50-week moving average ($0.64) or breaks above the 200-week EMA, it could start a new uptrend.
Dan Gambarello says Cardano could eventually hit $10, but it first needs to break resistance at $0.694 and then $1.10 to start the rally.
Analyst Dalin Anderson compared ADA’s current pattern to Bitcoin’s 2012-13 bull run, and predicts it to reach around $3.67 based on a $130 billion market cap.
