Crypto analyst Dan Gambardello, in a video analysis to his 368,000 YouTube subscribers, explains why he remains bullish on Cardano (ADA) despite a recent 17% price drop. He emphasizes the significant shift towards on-chain governance via the Chang hard fork, which places control in the hands of ADA token holders.
Gambardello highlights how this transition marks a move towards true decentralization, enhancing trust and resilience within the Cardano community. He points out that Cardano's governance upgrade sets a new standard for blockchain governance.
Critics like Justin Bons of Cyber Capital have acknowledged this milestone, recognizing its importance in the blockchain realm. Gambardello suggests that these foundational changes align well with broader financial movements, indicating potential robust growth for Cardano in the future.
He also discusses Cardano's price trajectory, utilizing a macro super cycle analysis to argue that ADA could see a long-term price increase. Gambardello predicts ADA could reach $10 to $11 in the current cycle, despite short-term downtrends attributed to global economic shifts.
Moreover, he examines various technical indicators, stating that ADA is nearing a potential bottom and could present a buying opportunity for long-term investors. He expects a bullish reversal with certain moving averages crossing and highlighting the RSI approaching oversold territories.
At the time of his analysis, ADA was trading at $0.3350, suggesting it may be close to hitting its bottom. Gambardello believes that despite possible short-term pain, Cardano's outlook remains fundamentally strong and promising.
