- ADA might hit $1 before the Bitcoin halving, an analyst said.
- The price could jump above $0.60 within the next few days.
Cardano [ADA] could be set to hit $1 and possibly rise above it if the prediction by Crypto Capital Venture is anything to go by.
According to Dan Gamberdello, who hosts the sessions on YouTube, several technical indicators supported the prediction.
Using the 4-hour and weekly ADA/USD chart, the analyst noted that the Stoch RSI hitting the overbought and oversold region suggests that a significant shift was on the way.
For the unfamiliar, the Stoch RSI is a short form of the Stochastic Relative Strength Index (RSI). It is a technical analysis indicator used to support market prediction by comparing price ranges.
ADA could be ready to follow Bitcoin
Concerning the price, Gamberdello referred to November 2020. It was during this period that the Bitcoin [BTC] bull market began, and ADA also took off on an amazing upside.
In defending his forecast, the analyst noted that the Stoch RSI was at a similar point that led to the parabolic move.
Furthermore, the analyst mentioned that the Cardano rally might happen before the Bitcoin halving. Using the Stoch RSI historical position as backing, he said,
“This time around it’s happening before the Bitcoin halving. Last time around, it was after the halving.”
Recently, AMBCrypto discussed ADA’s price action. In the article, we opined how the value might reverse after it rallied to $0.56.
In another piece, on-chain and technical indicators suggested a move that could drive ADA to $0.68. At press time, the price of ADA was $0.58, indicating that the reversal only lasted a short period
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Author: Victor Olanrewaju
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