Top Analyst Predicts Bullish Turn for Cardano Price: Can ADA Reach $0.50?

Cardano price remained resilient throughout the weekend, culminating in a rebound on Monday when the crypto market experienced a 2.1% increase over the last 24 hours. Cardano continues to demonstrate its strength by maintaining a bullish structure. Despite moving sideways for nearly two weeks, the crypto asset appears poised for a potential breakout that could ignite a bullish rally.

This optimistic outlook is further supported by crypto analyst Dan Gambardello, founder of Crypto Capital Ventures, who recently predicted that the ADA price could soar to $0.50 by the end of October 2024. This forecast has sparked chatter within the crypto space, suggesting a nearly 41% increase from the ADA current price of approximately $0.34.

Cardano will hit .50 by end of October.

If not I’ll give someone in the comments 1,000 $ADA.

Let’s go!

— Dan Gambardello (@cryptorecruitr) October 12, 2024

As of press time, ADA price has been down 0.80% in the last 24 hours and trading at around $0.353. The crypto market has been experiencing fluctuations, with Bitcoin price slumping below $59,000 and a sudden rebound to $64,424 over the weekend.

Cardano Price Analysis: Is $0.5 The Next Stop?

From a technical standpoint, the ADA 12-hour chart shows signs of a potential bullish breakout following a period of consolidation. Here’s a closer look:

Cardano price has generally been trending upwards, supported by an ascending trendline that has been in place since early August, with higher lows being consistently formed.

A breakout is expected as the price tests trendline support near $0.34, reinforcing the strength of this key level. The next challenge lies in the resistance zone between $0.39 and $0.40.

If ADA price manages to break through this resistance, it could see substantial gains, with the next target around $0.50—representing a 41% increase from current levels.

If the Cardano price breaks out with volume and holds above the $0.40 resistance zone, it could signal a continuation of the bullish trend. ADA price could push towards $0.50 and even beyond.

4 Catalysts For An ADA Price Rally

1. Cardano founder Charles Hoskinson, has been actively addressing criticisms and promoting the ADA growth and future plans. This proactive approach has helped maintain investor interest and confidence in ADA.
2. Additionally, Cardano’s completed Voltaire upgrade and other key milestones will enhance its governance features and unlock significant value.
3. Cardano partnered with FTSE Russell, a leading global index provider, to enhance the coin’s visibility and credibility among institutional investors. This partnership allows for easier assessment of Cardano’s performance and risk as a digital asset.
4. Many investors perceive the Cardano price to be in the “depression phase” of the market cycle, which often presents accumulation opportunities. Buying ADA during this period could prove profitable.

These developments could act as catalysts for an ADA price increase, aligning with Gambardello’s prediction. 

Cardano Is Bullish

Cardano price shows potential for significant gains, with a bullish breakout pattern forming after the recent consolidation. Analyst Dan Gambardello’s prediction of ADA reaching $0.50 by October 2024 reflects a 41% increase from its current levels. Key resistance at $0.40 and positive catalysts, such as the Voltaire upgrade and partnerships like FTSE Russell, could support this upward movement. However, ADA must first clear critical resistance levels for the rally to continue.