CandleFocus ‘Prepare For Volatility’ Cardano Bull Dan Gambardello Warns
2024-11-15
Author: Content Editor
Market analyst Dan Gambardello has cautioned the Cardano (ADA) community about the potential volatility and price drops that may occur during ADA's upward run. He highlighted that in the previous bull cycle, ADA experienced significant price drops during its 287 days of bullish movement. Despite this caution, the Cardano Foundation's release of its financial report showed transparency and bolstered stakeholders' trust. The report highlighted the foundation's expenditure of $19.22 million on operations, education, and adoption in 2023, and its asset diversification, with 82.5% in ADA, 10.1% in Bitcoin, and the rest in USD. Analyst Gert van Lagen predicted ADA could rise to $10 or even $40 in the long term, based on the Elliott Wave theory. Technical indicators suggest potential gains for ADA, including a golden cross signal, the nearing crossover of the 50-day and 200-day EMAs, and an upward trending MVRV indicator. ADA recently tested the 50% Fibonacci level and may rebound if it retraces to the 38.2% level, but dropping below the key pivot at $0.40 may invalidate its bullish outlook.
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