Crypto Analyst Predicts Potential Breakouts for BTC and ADA
CoinEdition
Published May 29, 2023 06:50AM ET
Updated May 29, 2023 07:00AM ET
Crypto Analyst Predicts Potential Breakouts for BTC and ADA
- Dan Gambardello expressed his bullish sentiment towards Bitcoin and Cardano in a recent video.
- The analyst expressed his belief that developments on BTC’s and ADA’s ecosystems will ultimately add to the cryptos’ success.
- At press time, both BTC and ADA were trading in the green heading into the new week.
In a recent video, the analyst and crypto trader Dan Gambardello expressed his bullish sentiment towards Bitcoin (BTC) and Cardano (ADA), stating that he sees tremendous opportunities in both cryptos. He emphasized that his confidence lies not only in the prices of BTC and ADA, but also in the overall crypto ecosystem and its developments.
The video highlighted the ongoing movement on the Bitcoin daily chart, where the price faced resistance at the 50-day moving average and the upper trend line of a symmetrical triangle. The analyst mentioned the possibility of a breakout to the upside to just below $32K, though he also acknowledged the potential for pullbacks along the way.
Weekly chart for BTC/USD (Source: TradingView)
Gambardello also emphasized the significance of Bitcoin’s support at the 200-week moving average on the weekly chart, considering it a crucial level to watch. Switching to Cardano, he discussed the importance of the 20-week moving average and its recent convergence with the 50-week moving average.
The analyst noted that Cardano’s price is testing these moving averages, indicating the need for an explosive move to establish a bullish trend. He also mentioned the positive divergence observed on the short-term charts, suggesting the potential for a breakout.
Weekly chart for ADA/USD (Source: TradingView)
Furthermore, the analysis highlighted the thriving ecosystems of both Bitcoin and Cardano, with various altcoins launching on Cardano and Bitcoin’s ecosystem witnessing developments in NFTs and BRC20 tokens. While noting the ongoing challenges and resistance levels, Gambardello maintained optimism regarding the upcoming bull market.
CoinMarketCap indicated that, at press time, both BTC and ADA were trading in the green. BTC was worth about $27,933.84 after a 2.70% price increase. Meanwhile, ADA was trading hands at $0.3801 after a 1.77% price rise.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
Get The News You Want
The post Crypto Analyst Predicts Potential Breakouts for BTC and ADA appeared first on Coin Edition.
See original on CoinEdition
Written By: CoinEdition
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.