Cardano has been in the spotlight recently, not just for a slight price increase but also due to optimistic forecasts. Predictions suggest ADA may surge 16% and reach up to $0.37 by October 2024. Cardano analyst Dan Gambardello even predicts a 1,000% rally against Bitcoin, based on patterns seen in 2020.
Gambardello's optimism is rooted in the ADA/BTC technical chart, which shows bullish divergence. This means ADA's price is making lower lows while RSI and MACD are making higher lows, hinting at weakening downward momentum and a potential reversal.
Despite this bullish outlook, overall market sentiment for Cardano remains conservative and bearish. The Fear & Greed Index stands at 22, indicating “Extreme Fear,” showing that investors are still skeptical and risk-averse.
ADA has recorded a modest 2.5% price gain to $0.3263, but this is insufficient to offset the 9% losses this week, causing further uncertainly among investors.
The broader market’s erratic nature and low investor confidence suggest caution. While Gambardello’s prediction raises hope, the general sentiment still weighs down immediate bullish momentum. Investors might benefit from adopting a wait-and-see approach for now.
