As the price of Cardano’s native $ADA token surges Dan Gambardello, founder of Crypto Capital Ventures, has suggested that a “potentially huge $ADA breakout” is setting up on the ADA/BTC pair.
According to CryptoCompare data, the price of ADA is up over 1% in the last hour, and a total of nearly 8% over the past 24-hour period as the cryptocurrency gains momentum and outperforms most other top cryptoassets, including Bitcoin ($BTC) and Ethereum ($ETH).
The cryptocurrency’s price is going up even as the long-awaited Vasil hard fork, which is expected to deliver a “massive” performance improvement to the cryptocurrency’s network, was delayed by “a few more weeks.”
Input Output Global co-founder and CEO Charles Hoskinson noted that the Vasil hard fork was delayed even though the project is “code complete,” which he explained means “you probably could flip the switch and get away with it,” but the team behind it wanted to ensure everything would run smoothly after the Terra collapse.
The Vasil hard fork will involve four Cardano Improvement Proposals (CIPs). As CryptoGlobe reported, data from Coinbase’s price pages shows that users of the Nasdaq-listed cryptocurrency exchange have a typical ADA hold time of 153 days, meaning that Cardano traders on the platform hold onto their assets for that long before “selling it or sending it to another account or address.”
According to the cryptocurrency exchange, a long hold time “signals an accumulation trend,” while a short hold time “indicates increased movement of tokens.” Notably, Crypto Capital Ventures’ Dan Gambardello has suggested ADA could soon outperform the flagship cryptocurrency Bitcoin as a “potentially huge” breakout is setting up.
In a video, Gambardello noted that the Moving average convergence divergence (MACD) on the ADA/BTC chart is a potential bullish sign. The MACD is a trend-following momentum indicator, according to Investopedia.
Gambardello noted that we’re seeing higher highs and highs lows as Cardano’s ADA gains “upward momentum” against BTC. A line to watch, he said, is the 20-week moving average, which is sitting around $0.65 to $0.70. On the ADA/BTC chart, the analyst shared, ADA is touching its 200-day moving average against BTC.
He noted, however, that macroeconomic events could affect the price of ADA and send it back to the 20-day moving average at $0.43.
Earlier this month, a panel of cryptocurrency industry experts predicted that the price of Cardano will explode to $2.93 by 2025, and to $6.53 by 2030, although experts believe that by the end of the year, the cryptocurrency will trade at just $0.63.
Featured image via Unsplash