Current Metrics:
- ADA Price: $0.678 (-2.8% in 24 hours)
- Trading range: $0.665-$0.70
- Critically oversold on Stochastic RSI
- Support: $0.58-$0.64, resistance: $0.694 and $1.10
- Long-term targets: $3.67-$10
📉 ADA Building For a Big Move
Cardano is currently trading at $0.678, with a slight decline of about 2.8% over the past 24 hours. ADA has been fluctuating between $0.665 and a high of $0.70 in the last 24 hours.
Analyst Dan Gambardello has pointed out that Cardano’s momentum is extremely oversold on the Stochastic RSI — one of the lowest points it has been in years. Although there is no bounce or relief yet, he claims that this is not purely bearish and ADA is building up energy for a big move.
🔄 Technical Analysis: False Breakdown?
The price also just broke below a key trendline, so most traders can expect further price drops. But Dan believes that this kind of setup often leads to a surprise breakout.
So while ADA may look weak now, it could be preparing for a strong rally.
🏛️ Institutional Giants Back Cardano
The analyst also highlighted a major development in the Cardano ecosystem:
Franklin Templeton (the $1.6 trillion asset manager) is now running Cardano nodes. Frederick Gregaard, CEO of the Cardano Foundation, also confirmed the move, recognizing it as a key step in blockchain infrastructure adoption.
Norway’s NBX is partnering with Cardano to build Bitcoin-based DeFi. Cardano’s secure design makes it perfect for such advancements as more institutional money flows into crypto.
📈 Historical Parallels and Predictions
Despite price struggles, Cardano’s fundamentals are improving. Dan reminded critics of his October 2024 prediction when ADA was at 0.36 and then rose 300%, and current price setup looks similar.
🎯 Key Levels and Targets
Technical Levels:
- ADA support: between $0.58-$0.64 level
- 50-week MA: $0.64 (critical support)
- First resistance: $0.694
- Key resistance: $1.10
Long-term Predictions:
- Dan Gambardello: Cardano could eventually hit $10
- Dalin Anderson: Predicts it to reach around $3.67 based on a $130 billion market cap
🚀 Rally Conditions
If ADA holds above the 50-week moving average ($0.64) or breaks above the 200-week EMA, it could start a new uptrend.
Dalin Anderson compared ADA’s current pattern to Bitcoin’s 2012-13 bull run, supporting his growth projection.
Bottom Line: Despite ADA’s current weakness at $0.678, extreme oversold conditions on Stochastic RSI combined with major institutional backing from Franklin Templeton running nodes could set up Cardano for a significant rally toward $3.67-$10 targets if key resistance levels at $0.694 and $1.10 are broken.