Cardano (ADA) Poised for 2020-2021 Style Rally After Holding Strong Above $0.55 Support
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- Analyst Dan Gambardello says Cardano (ADA) may have bottomed, setting up for a 2020-2021 style rally.
- ADA has repeatedly rebounded from the $0.55 support zone, reinforcing bullish momentum as long as it holds above this level.
- On-chain data analysis shows ADA whales offloaded 4 million coins last week.
Cardano (ADA) price has potentially bottomed out. Crypto analyst Dan Gambardello has predicted that the ADA price is ready for a move akin to its rally during the crypto summer of 2020/2021.
The crypto analyst has noted that the ADA price has formed a symmetrical rising trend, characterized by higher highs and higher lows. If ADA price experiences a full-blown rally in the near term, Gambardello believes it could reach a market cap of between $291 billion and $197 billion. As such, the analyst believes that the ADA price could reach a target of between $8 and $5.41.
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