Bitcoin (BTC) Price At “Inflection Point”, Big Move Happening In Cardano (ADA)
Dan Gambardello, founder of Crypto Capital Venture, on Monday said Bitcoin is building upside momentum on the daily chart but a meaningful breakout not going to come without challenges. Meanwhile, a big move is happening in Cardano (ADA) price in 4-hr and weekly timeframes.
However, traders still need to track both Bitcoin and Cardano for bullish confirmations, as US Federal Reserve Chair Jerome Powell’s speech on Friday will be a key trigger.
Cardano Price Can Hit $0.45, Bitcoin At
Cardano influencer Dan Gambardello in a YouTube video on May 15 noted momentum oscillators hinting at a shift in Bitcoin price momentum. BTC price found support and rebound from the key 200-WMA level at $26,000 and traders look for bullish confirmations.
In the daily timeframe, BTC price is at an inflection point as so much is happening right now. With RSI bouncing near the oversold region and 20MA crossover above 50MA possibility this week, BTC price could turn bullish again this week itself. However, there are also chances of a fall with so much uncertainty and events such as US Fed Chair Jerome Powell’s speech on Friday.
BTC price jumped 2% in the last 24 hours, with the price currently trading above $27,300. The 24-hour low and high are $26,762 and $27,521, respectively.
Also Read: Bitcoin Price Set For $35,000 As It Flips US Dollar In Preferred Asset—Bloomberg
Cardano in the weekly timeframe shows a bullish confirmation pattern of 20MA crossover above 50MA, which will happen for the first time above 2021. However, candles should support the sentiment and close above 20MA.
ADA price in 4-hr has already breakout above the falling wedge pattern. As per Dan Gambardello, the ADA price could hit $0.40 and come back again to the wedge and rise to $0.45 in May or early June.
ADA price is currently trading at $0.37, up 1% in the past 24 hours. Also, the trading volume has increased in the last 24 hours, indicating an interest among traders.
Dan Gambardello earlier reported that ADA price will hit a high of $15 in the next bull market, with the market cap reaching nearly $500 billion. He believes developments related to Cardano are in line with Ethereum and considers Cardano a better blockchain.
Also Read: US DOJ To Intensify Crackdown Against Crypto Exchange, DeFi, Mixers
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