Cardano Price About To Explode: Crypto Pundit Reveals Next Target
Dan Gambardello, the founder of Crypto Capital Venture, has provided a bullish analysis of the current price action of Cardano (ADA). The crypto analyst also dispelled the notion that ADA won’t perform well in this bull cycle, noting that the crypto token is where it is meant to be before it takes off.
Where Cardano Is Headed
Gambardello mentioned in a video posted on his X (formerly Twitter) platform that CardanoADA could rise to $1.15 and as high as $1.50 in its next move to the upside. He made this statement while highlighting a reversal zone on the weekly chart, which was critical the last time ADA made a breakout.
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The crypto analyst claimed that the token is again at the lower end of this reversal zone, which happened before ADA broke out the last time. Meanwhile, looking at the order book, he revealed that there is historically a lot of interest and market participants at the $1.20 price level. As such, it is another area that could act as a “magnet for ADA at the upper end of the reversal zone.”
The crypto analyst also tried to allay the fears of those worried about ADA’s current price action. He stated that the token lagging while Bitcoin is hitting new all-time highs (ATHs) is “historically normal” and suggested that a move was imminent for ADA based on data from past cycles. Gambardello further asserted that “things are on pace,” so there is no need to be worried.
An Explanation For ADA’s Current Price Action
Gambardello also elaborated on why ADA has yet to experience any parabolic move. He alluded to the 2021 bull run when Bitcoin kept hitting new highs between December 2020 and January 2021, while Cardano lept lagging during this same period and didn’t make any move until later in January 2021.
Related Reading: Crypto Expert Says Dogecoin, Shiba Inu, PEPE, Others Are About To Explode
He added that ADA was 80% from its ATH back then before it made its move and even kept declining while Bitcoin was on a surge. However, that changed all of a sudden as “ADA went crazy to the upside.” The crypto analyst went on to reaffirm his belief that ADA “does lag, but when it finally moves, it really moves very strongly.”
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.Gambardello had previously predicted that ADA could rise to as high as $11 in this bull cycle. Back then, he noted that the crypto token now has more robust fundamentals compared to the last bull run.
At the time of writing, ADA is trading at around $0.73, down in the last 24 hours, according to data from CoinMarketCap.
Cardano price chart from Tradingview.com
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Featured image from Swyftx Learn, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Tags: ADAADA newsADA Price PredictionadausdADAUSDTCardanoCardano newsCardano priceCardano Price Predictioncryptocrypto news
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Breaking News: BREAKING: Bitcoin Hits New All-Time High, Surging Past $70,000 For The First Time In History
Microstrategy
MicroStrategy Increases Bitcoin Bet With $822M Purchase, Adds 12,000 BTC To Treasury
Ronaldo Marquez by Ronaldo Marquez March 11, 2024
As Bitcoin (BTC) continues its unprecedented uptrend, surging to a new all-time high (ATH) of $72,300, software company MicroStrategy remains steadfast in its vision. It is reaping substantial rewards from its strategic investment in the largest cryptocurrency in the market.
MicroStrategy, led by renowned Bitcoin supporter and former CEO Michael Saylor, recently made a major acquisition, further solidifying its position in the digital asset market.
MicroStrategy Bitcoin Investment Pays Off
According to a filing with the US Securities and Exchange Commission (SEC), MicroStrategy acquired approximately 12,000 BTC between February 26, 2024, and March 10, 2024, for approximately $821.7 million in cash. The average purchase price per Bitcoin was $68,400.
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Additionally, MicroStrategy recently completed an offering of convertible senior notes due 2030, raising $800 million in funds. With this latest acquisition, MicroStrategy’s Bitcoin holdings now stand at a staggering 205,000 BTC, acquired for $6.9 billion.
Related Reading: Record $1 Billion In Shorts Risk Liquidation If Bitcoin Hits This Price
Microstrategy
Microstrategy’s MSTR stock uptrend on the daily chart. Source: MSTR on TradingView.com
MicroStrategy’s stock trades at $1,557, representing a remarkable 9% gain within 24 hours. The company’s shares have demonstrated a sustained and continuous upward trajectory since February 26, coinciding with Bitcoin’s $50,000 consolidation phase breakthrough.
Over two weeks, Bitcoin surged to its present trading price, establishing a notable correlation between the leading cryptocurrency and MicroStrategy. This correlation has further solidified the company’s strategy and contributed to its stock’s performance.
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MicroStrategy’s strategic investment in Bitcoin has yielded remarkable results. The company now boasts a profit of $7.7 billion on its Bitcoin holdings, which translates to a remarkable return of 112% so far as Bitcoin breaks new all-time highs.
ETF Expert Astounded By Bitcoin ETF Success
The rapid rise of Bitcoin Exchange-Traded Funds (ETFs) has surpassed even the most optimistic projections. Bloomberg ETF expert Eric Balchunas highlighted the growth of these funds in a recent post on social media site X (formerly Twitter). The expert noted that assets under management (AUM) surpassed $55 billion, and trading volume reached an impressive $110 billion.
Microstrategy
All ten Bitcoin spot ETFs’ assets under management surpass $55 billion. Source: Eric Balchunas on X
Balchunas acknowledged that achieving such numbers in just two months was nothing short of “absurd,” far exceeding what would normally be considered successful even at the end of a full year.
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Related Reading: Crypto Analyst Unveils 7 Memecoins To Turn $1,000 Into $1 Million
In addition, in a surprising turn of events for the ETF expert, Blackrock’s IBIT ETF and Fidelity’s FBTC have emerged as the leaders among all ETFs in terms of year-to-date (YTD) flows through the middle of March. This unexpected feat positions these Bitcoin ETF offerings as major players in the ETF market, attracting the attention and interest of investors seeking exposure to the digital asset.
Microstrategy
The 1-D chart shows that BTC’s price is trending upward. Source: BTCUSD on TradingView.com
Currently, BTC continues its uptrend, aiming to solidify and consolidate above the $70,000 threshold, which would put the cryptocurrency in a good position to reach the $100,000 mark in the rest of the year.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Tags: bitcoinBitcoin chartBitcoin ETFBitcoin ETF InflowsBitcoin ETF newsBitcoin ETF RallyBitcoin ETFsBitcoin newsbitcoin pricebitcoin tradingbtcbtcusdbtcusd priceBTCUSDTcryptocryptocurrencyMicrostrategyMicroStrategy BitcoinMicroStrategy bitcoin holdingsMicroStrategy BTCMicroStrategy newsMicrostrategy Profit
Ronaldo Marquez
Ronaldo Marquez
Ronaldo is an experienced crypto enthusiast dedicated to the nascent industry, having spent over four years conducting in-depth research and cultivating a profound interest in the field. With a particular passion for technical analysis, Ronaldo firmly believes that it holds the key to uncovering valuable patterns within charts and price movements. He remains dedicated to honing his skills and expanding his expertise on a daily basis, ensuring that his writing provides readers with meaningful analysis and up-to-date news within the crypto space.
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