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In a video evaluation delivered to his 368,000 YouTube subscribers, Dan Gambardello explains why he believes that ADA stays fundamentally bullish despite the -17% price drop over the past 10 days. Gambardello emphasizes several key developments and technical setups throughout the Cardano ecosystem, particularly specializing in its recent transition to on-chain governance through the “Chang” hard fork.
Why Cardano Is ‘Fundamentally Bullish’
The core of Gambardello’s evaluation began with the implementation of the Chang hard fork, which he describes as a monumental step for Cardano, placing control directly within the hands of ADA token holders. This upgrade allows token holders to elect governance representatives and vote on development proposals, marking a big shift toward true decentralization.
“Cardano is officially a top 10 crypto, completely powered by the people,” Gambardello enthused, highlighting the shift away from the foundational control by Cardano’s three founding entities—IOHK, the Cardano Foundation, and Emurgo—over network upgrades and hard forks.
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Gambardello passionately conveyed the broader implications of such decentralization, arguing that it not only solidifies trust and resilience throughout the Cardano community but additionally sets a latest standard for blockchain governance. He referenced a critic of Cardano, Justin Bons (founder and CIO of Cyber Capital), who despite previous skepticism, recognized the importance of this milestone in blockchain technology, offering his congratulation.
Congratulations to the ADA community for implementing on-chain governance today!
A critical milestone that almost all haven’t achieved yet
As true decentralization at scale is unattainable without governance
Others pretend to be decentralized but are still controlled at the middle!
— Justin Bons (@Justin_Bons) September 1, 2024
Gambardello further suggests that these foundational changes align well with broader financial movements and will signal robust growth for Cardano in the long run. “If we don’t break out here, we are able to begin to categorize this whole run as an prolonged 2019 and from a charting standpoint […] would mean a really very prolonged cycle which suggests we go higher for longer than we ever really hoped, perhaps deep into 2026 AKA super cycle.”
Gambardello also analyzed various price charts, including weekly, each day, and six-hour frames, to debate ADA’s potential price trajectory. He applied a macro super cycle evaluation, which is a technique of identifying long-term financial cycles that include several smaller cycles.
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“I actually need to point this out. If that is true, notice the patients involved in only your complete bear market and your complete sideways waiting for an altcoin season that takes longer than previous cycles. Because remember historically altcoin season starts around now, perhaps the macroeconomic landscape of things is making us wait longer,” he stated. Based on this assumption, Gambardello predicts that the Cardano price could hit $10 to $11 on this cycle.
Cardano super cycle prediction | Source: YouTube @Crypto Capital Enterprise
He attributes the present ADA downtrend to global economic shifts similar to rate of interest cuts. Based on the each day chart, Gambardello suggests that ADA is nearing a possible bottom, providing a buying opportunity for long-term investors. Speaking on what must occur for a bullish reversal, the crypto analyst states:
“You would like the breakout, you wish the flip to occur, the 20 [day EMA] crossing above the 50 [day EMA] after which just up, higher highs, higher lows above those moving averages […] I’m just waiting for that immediately – the 20-day moving average around $0.35, the 50-day moving average at $0.37.”
Furthermore, Gambardello can also be the RSI which is near the oversold territorium. “[It’s] nice to see stoch RSI falling into oversold. We would like to see that even when it’s going to hang around there for some time and ADA goes lower. It’s just good to see that it’s finally approaching oversold. We could be getting near the underside. It could possibly be a painful week before that happens but we’re getting there,” Gambardello concluded.
Cardano price evaluation, each day chart | Source: YouTube @Crypto Capital Enterprise
At press time, ADA traded at $0.3350.
Cardano price, 1-day chart | Source: ADAUSDT on TradingView.com
Featured image from Shutterstock, chart from TradingView.com