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Cardano (ADA), one of the leading altcoins, continues to trade above the $1 mark despite tempered sentiment on the broader market. At the same time, there are discussions about a potential supercycle for ADA.
Bullish ADA prediction
In an X post, market analyst and Crypto Capital Venture founder Dan Gambardello made a bullish prediction for ADA. The analyst cites the current trend on the daily chart and foresees ADA reaching as high as $14 soon.
Gamza KhanzadaevAccording to Gambardello, the ability of ADA to climb toward $3, $7 and eventually $14 seems very near. Consequently, he predicted that a super cycle is on the horizon for ADA. Notably, a "supercycle" is usually marked by higher trends and fewer retracements, indicating a longer bullish trend.
Gambardello’s supercycle prediction is consistent with ADA’s current price trend. ADA’s price has grown steadily over the past month but is currently consolidating between $1.00 and $1.17.
The ADA price was trading at $1.09, down 6.26% and 7.8% in the last 24 hours and seven days, respectively. The ongoing consolidation creates short-term resistance at $1.05, hinting at market participants taking profits.
However, the minor slowdown in momentum over the last few days suggests that investors are holding out for further catalysts. Backed by solid fundamentals and increasing adoption, ADA may continue to exhibit a bullish structure instead.
Cardano ecosystem updates
In an exciting update for the ecosystem, Cardano (ADA) developer Input Output Global announced the release of Daedalus v7.0.0. The new release represents an updated version of full-node desktop wallet software optimized for a new ADA delegation design.
Godfrey BenjaminOn Thursday, Cardano founder Charles Hoskinson addressed security concerns surrounding the coin. Hoskison pointed out that Ethereum's scientists have failed to engage with Cardano's research or study its network, leading to misunderstandings about the coin's capabilities and security mechanisms.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Alex Dovbnya
Yuri Molchan
Vladislav Sopov
Dan Burgin