Dan Gambardello, known on Twitter as @cryptorecruitr, recently made a bold prediction about the future of Cardano (ADA). He believes that ADA would reach a price of $5 in the not so distant future, a statement that has certainly caught the attention of many in the crypto community.
ADA will be $5 in the not so distant future and minds will be boggled.
— Dan Gambardello (@cryptorecruitr) September 2, 2023
Following Gambardello’s prediction, Cardano is seen trading in a bearish sentiment with the token’s current price at $0.2558, down 0.36%. However despite this bearish trajectory, the token has managed to hit an intraday highs of $0.2586 and intraday lows of $0.2527.
The current bearish sentiment might continue to be experienced in the ADA market as indicated by the decrease in trading volume which has recorded a dip of 24.54%, currently sitting at $158,526,910.
While analysing the technical side, the stochastic RSI, with a value of 27.24 and a downward direction, indicates a prevailing bearish trend in ADA. This suggests that sellers are currently dominating the market. As a result, investors could anticipate further downward pressure on prices in the upcoming period.
The Relative Strength Index (RSI) currently stands at 36.59 and is moving below its signal line, heading southward. This indicates that the market’s current dip might continue in the upcoming hours. However, if ADA reaches the oversold territory, the market could see a potential price reversal.
The Moving Average Convergence Divergence (MACD) indicator is currently above its Simple Moving Average (SMA), hinting at ongoing buying pressure in the ADA market. This suggests a potential shift towards a bullish sentiment. Furthermore, the trajectory histogram’s position in the positive zone reinforces the likelihood of a bullish sentiment in the Cardano market in the near future.
In light of the recent predictions and market analyses, Cardano (ADA) presents a mixed picture. While Gambardello’s optimistic forecast of ADA reaching $5 has stirred interest, current market indicators paint a more nuanced scenario. The token is currently experiencing a bearish trend, as evidenced by its recent price dip and decreased trading volume.
