Top market analyst Dan Gambardello has predicted potential Cardano targets following ADA’s rejection from a lower trendline.
He analyzed the Cardano macro setup in his recent price outlook, identifying another price rejection. The prominent commentator shared that ADA has failed to reclaim another crucial support level and could see much lower price targets from here.
Meanwhile, Gambardello continues to cite massive price manipulation as the cause of these bearish trends. He believes that forces are suppressing an altcoin breakout to buy time, as institutional and nation-state crypto adoption should have sent Cardano and the broader cryptocurrency market surging at this point of the business bull cycle.
Cardano Misses Weekly Breakout Timeline
Gambardello identified that Cardano broke out around this time in 2020 after 714 days of consolidation from the bear market lows of 2018. Applying the same duration, he discovered that the 714-day consolidation from the 2023 bear market lows was around May.
If ADA had followed the timeline, he noted that Cardano could have resumed the massive price breakout it saw in the last occurrence. However, the token has missed this timeline, as prices show weak momentum.
On the daily chart, the analyst mentioned that Cardano was rejected from a lower trendline. The cryptocurrency lost the former support area around $0.90 following its 6.7% drop on September 22. A pullback to reclaim the trendline halted at $0.89 on October 3, with another rejection pushing ADA lower to the current price level.
ADA Dip Targets If Bearish Trend Persists
Notably, the rejection places Cardano well within bearish territory. Gambardello predicted that the current dip targets a correction to the mid-$0.60 range, with the lower target around $0.62. This marks a 24% decline from the current market price of $0.823.
Nonetheless, the analyst noted that Cardano might not correct that deeply, as Fibonacci retracement levels might provide support. He highlighted that the 0.618 and 0.786 levels at $0.808 and $0.785 could cushion lower prices.
Moreover, Cardano is trending above the 20-week and 50-week moving averages (MA), which further supports this narrative. Notably, both averages stand around $0.770 and $0.794, respectively, and could provide additional support for ADA.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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