The post Cardano Price Prediction For May 5: Is $1.25 Next? appeared first on Coinpedia Fintech News
Cardano is at a critical point, and a big move could be coming next. In a recent video on YouTube, analyst Dan Gambardello explained that ADA is very close to an important resistance level. It could either drop soon or break out sharply.
A Bigger Rally For Cardano?
The analyst, using technical analysis and a risk model, showed that ADA’s current risk level is low, around 31, just like it was before the last bull run. Right now, he sees strong support around $0.50 – $0.60 and resistance up to $0.80. If ADA manages to break through, its price could reach $1.25, which would start an even bigger rally.
According to him, factors like Jerome Powell’s speech and traditional market movements could lead to volatility.
He also analysed macro factors like changes in monetary policy and market trends while evaluating ADA’s price trends. Any positive news could lead to higher highs; however, a negative sentiment could lead to a short-term dip. By comparing ADA’s current price movement to its previous cycle, he expects that ADA could set the stage for a similar parabolic move if it breaks through $1.25.
ADA Needs to Hold Crucial Levels
Furthermore, he pointed out that the 20-day moving average is about to cross above the 50-day, which is a good sign. However, it remains to be seen if ADA holds support at this level or pulls back.
The M2 money supply and the end of quantitative tightening could also impact ADA’s price movement. ADA needs to break through resistance around 77 to 80 cents to confirm a breakout. A battle between bulls and bears is going on, and to keep pushing forward, ADA needs to stay above certain price levels.