Cardano’s Price Surge Potential: 6.9% Yearly Gain Despite 11.7% Monthly Loss

Cryptocurrency analyst Dan Gambardello has expressed optimism about Cardano’s (ADA) price trajectory, pointing to an ascending trendline that suggests a potential breakout. His analysis indicates that ADA could be on track for a significant price surge, potentially reaching double-digit territory.

Cardano recently faced notable volatility, experiencing a sharp dip before rebounding within 24 hours. The digital asset fluctuated between $0.69 and $0.74, with the price briefly falling before stabilizing around the $0.70 support level. Despite a 4.0% daily decline, ADA’s performance over the past week and month reflected losses of 4.2% and 11.7%, respectively. However, on a year-over-year basis, the asset still posted a 6.9% gain, demonstrating resilience despite short-term price corrections.

Gambardello’s latest analysis highlights bullish momentum forming for Cardano. In a recent post, he shared a chart illustrating an upward-trending pattern, indicating the potential for a reversal. He noted that “Cardano’s super trend is on pace,” reinforcing expectations of a sustained upward move. The chart also showed ADA forming a rounded bottom pattern—typically associated with accumulation before a breakout. This technical structure aligns with Gambardello’s long-term price target, which exceeds $12.00.

Additionally, Cardano’s Relative Strength Index (RSI) displayed a reading above 50, with an upward trajectory. If this momentum continues, the RSI could approach 80, signaling increased buying pressure. Such a development could catalyze further gains, reinforcing bullish sentiment in the market.

Market commentator Alex Becker also provided insights into ADA’s price prospects, suggesting that the asset could see a fourfold or fivefold increase from current levels. Speaking on a podcast, Becker argued that Cardano’s recent price fluctuations present an opportunity for long-term investors. He referenced ADA’s price surge above $1 earlier this month, which coincided with statements on U.S. cryptocurrency reserves. Despite previously criticizing the asset, Becker now believes that Cardano remains undervalued.

Comparing ADA’s correction to historical downturns, Becker highlighted how past market dips turned into major buying opportunities. He also mentioned other cryptocurrencies with strong long-term potential. While Becker did not provide a precise timeline, he emphasized that ADA’s previous all-time highs remain within reach over the coming years.

On-chain data further supports positive sentiment surrounding Cardano. According to analytics firm, Cardano’s network activity has increased, with Daily Active Addresses rising by 11.99% over the past week. Additionally, zero-balance addresses grew by 12.26%, indicating that new users are entering the ecosystem. Meanwhile, overall network engagement recorded a 4.79% weekly gain, reinforcing the trend of increasing on-chain interactions.

With bullish technical indicators aligning with growing network activity, ADA appears to be setting the stage for a potential breakout. While market volatility remains a factor, analysts suggest that Cardano is well-positioned for future gains. As the crypto market continues to evolve, investors looking for signs of an extended uptrend will closely watch ADA’s performance. Whether the asset reaches new highs or faces further resistance, its current trajectory suggests that major price movements could be on the horizon.