$ADA's Imminent Breakout: Analyst Foresees Why the Next Move is a Game-Changer
Yesterday, Dan Gambardello, Founder of Crypto Capital Venture, as well as the host of the very popular YouTube channel “Crypto Capital Venture,” took a closer look at the recent price action of Chainlink ($LINK) and Cardano ($ADA).
Chainlink ($LINK) Analysis
Dan Gambardello starts the video by discussing the recent performance of Chainlink (LINK), emphasizing its nearly 40% rise in the past few days. He mentions that the cryptocurrency has broken out of a year-and-a-half-long channel, which is a significant event for LINK holders.
Gambardello talks about the potential upside and downside targets for LINK. On the upside, he mentions targets of $13 to $14, almost doubling its value from the beginning of October when it was around $7. On the downside, he suggests that if LINK starts to fall, it could find support between $8 and $9.
He also touches on the fundamentals of Chainlink, stating that it has a significant role to play in the tokenization of capital markets. Chainlink has successfully enabled over $8 trillion in transaction value for blockchain applications, making it a crucial part of the crypto ecosystem.
Cardano ($ADA) Analysis
Switching gears to Cardano (ADA), Gambardello points out that ADA is approaching a key area and might experience its own breakout soon. He mentions that ADA is hovering just below a lower trend line and that a breakout above an upper trend line around 27 cents could be a bullish indicator. If ADA manages to break this trend line, the target could be around 41 cents, representing a gain of over 50%.
Gambardello also discusses the MACD line crossing the signal line on ADA’s weekly chart as a positive sign. However, he also warns that ADA is not out of the woods yet and could trend down to the lower 20-cent area if the market takes a dip.
General Market Trends
In addition to specific cryptocurrency analyses, Gambardello also talks about the broader market trends. He notes that altcoins often take turns in their performance cycles, and it’s essential to pay attention when one starts to break out. He also mentions that Bitcoin dominance is on a downtrend, which could be beneficial for altcoins like LINK and ADA.
Risk and Timeline
Gambardello emphasizes that the targets he discusses for both LINK and ADA are not immediate and could take time to reach. He mentions that there could be retracements or falls before these targets are hit. He advises viewers to be prepared for volatility and to have a long-term perspective when considering these cryptocurrencies.
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