Crypto Analyst: Cardano is Primed for a Significant Bull Run By CoinEdition

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Crypto Analyst: Cardano is Primed for a Significant Bull Run

Published May 17, 2023 09:45AM ET Updated May 17, 2023 10:00AM ET

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Crypto Analyst: Cardano is Primed for a Significant Bull Run

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Cardano’s native cryptocurrency, ADA, is primed for a significant bull run.

ADA’s price action shows the current downtrend has reached exhaustion.

ADA has the potential to recover its losses from the ATH and climb even higher.

Cardano’s native cryptocurrency, ADA, is primed for a significant bull run, says Dan Gambardello, founder at Crypto Capital Ventures. In a video analysis uploaded on YouTube, Gambardello revealed that with an impressive total value locked (TVL), ADA has the potential to recover its losses from its all-time high (ATH) and climb even higher.

Data from TradingView shows that ADA reached an ATH of $3.09 on August 30, 2021. Since then, the price has dropped, and Cardano’s native coin has lost nearly 90% of its ATH value. As of the time of writing, ADA’s price stood at $0.36, having traded between $0.24 and $0.46 since the beginning of 2023.

According to Gambardello, the protracted sideways movement after a significant downtrend is one of the pointers toward ADA’s next direction. He sees the current price behavior of ADA as a sign that the downtrend has reached exhaustion and a reversal is imminent.

Gambardello backed his prediction by comparing Cardano’s TVL with that of Ethereum, the kind of solutions both blockchains offer, and the potential of Cardano to catch up, or at least close the gap with Ethereum.

Data from the multi-chain TVL stats dashboard, DeFi Llama, shows that Cardano’s TVL as of the time of writing was $146.61 million. Its ATH TVL is $326 million, meaning the current TVL is short of its ATH by only 55%, despite the coin’s value dropping nearly 90%. Gambardello thinks the improved TVL reflects a significant bullish momentum that would push ADA toward a new ATH in the next bull run.

Gambardello believes Cardano can match Ethereum’s value, considering both blockchains provide similar solutions. According to him, Cardano could shatter expectations by challenging Ethereum’s ATH in TVL, which stands at $106 billion, almost 1,000x the current Cardano TVL.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Crypto Analyst: Cardano is Primed for a Significant Bull Run appeared first on Coin Edition.

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Crypto Analyst: Cardano is Primed for a Significant Bull Run

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