Ah, Cardano (ADA)—the underdog of the crypto world, the lovable scrapper that just can’t seem to catch a break. Picture it now: there it sits, forlorn, after the U.S. Securities and Exchange Commission (SEC) decided to keep us all in suspense by delaying their ruling on the Canary Capital ADA exchange-traded fund (ETF) until the suspense-filled date of May 29. Yes, mark your calendars, folks!
As a result, investors are left scratching their heads and calculating their next move like bewildered chess players. Crypto analyst Dan Gambardello has described ADA’s current state as “at war.” And honestly, if you could see the price of ADA right now, you’d nod in agreement. It’s like watching a tightrope walker who just discovered that the rope is covered in banana peels.
Just a while ago, folks were practically rubbing their hands together in glee at the thought of big investors eyeing ADA through the magic of ETFs. If approved, it would let the big suits throw money at Cardano without having to endure the indignity of buying it outright. But alas, the SEC’s delay has thrown a wrench—nay, a whole toolbox—into those plans.
Now, Gambardello chimed in with his pearls of wisdom during a video, noting that ADA is desperately trying to hold onto its 200-week moving average (MA) like it’s the last life raft on the Titanic. Currently bobbing between $0.73 and $0.74, it’s crucial for ADA to stay afloat here, as falling below might mean more heartache for investors—and fewer candles at the birthday party.
In the present moment, ADA finds itself teetering between the 20-week and 50-week MAs like a drunk at a wedding. Gambardello makes the audacious comparison to 2021, when ADA’s price skyrocketed. But, and this is a big “but,” just because history made one spectacular leap doesn’t mean we’re in store for a repeat performance; it’s not a Broadway show, folks!
Moreover, if the Federal Reserve doesn’t play nice and give the market what it wants, we could see ADA plummet faster than someone realizing they’ve been served pineapple on their pizza. Gambardello warned that in such a scenario, we might witness price drops galore, potentially sending ADA down to about $0.50—a 31% drop from its current predicament!
However, if ADA can flex those digital muscles and remain above the 200-week MA, and perhaps even break the elusive $0.78 and $0.80 barriers, Gambardello believes there’s a shot at hitting $1.25—what he aptly dubs “the upper end of the bull market doors.” So, grab your popcorn and settle in; this crypto saga is far from over! 🍿
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2025-03-13 21:41