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Cardano’s (ADA) potential to reach $1 seems likely according to a statement by Crypto Capital Venture, and it may even surpass this level. Dan Gamberdello’s analysis, supported by several technical indicators, suggests that the overbought and oversold zones of the RSI on the 4-hour and weekly ADA/USD chart indicate a volatile structure, which could reflect an impending significant price movement.
Is a Rise in ADA Price Imminent?
Focusing on November 2020, Gamberdello reviewed the price at the time when Bitcoin (BTC) began its bull market, and ADA also started an incredible rise. The analyst highlighted the parabolic structure of the RSI in his forecast.
Moreover, Gamberdello emphasized that the Cardano rally could happen before the Bitcoin halving event. Using the historical position of the Stoch RSI as support, the analyst stated:
“This time it’s happening before Bitcoin’s halving. Last time it was after.”
Recently, there have been several ADA price predictions. One predicted a rise to $0.56 followed by a potential drop, while another, based on on-chain and technical indicators, suggested ADA could reach $0.68. At the time of writing, ADA’s price was at $0.5868, highlighting a short-term reversal in price.
Active address counts had risen to 48,000 by February 13, but according to data provided by Santiment, this number had fallen to 36,300. The Active Addresses metric indicates the number of unique wallets where a token transaction has occurred. If the number of active addresses in Cardano continues to decrease, ADA’s price may also see a pause.
Will ADA Reach $1?
If the mentioned metric reaches its previous peak, a rally targeting near $1 for ADA could be possible. Development activity graphs provided by Santiment indicated a decline (shown above).
Cardano was recently leading in development activities compared to other projects. The recent drop could be interpreted as the project not offering new features to developers lately, which could be linked to the decline. While development activity can be considered a sign of growth, it rarely affects prices directly.
In the future, ADA’s price may again aim for the $1 target, but one of the biggest obstacles will be Bitcoin’s trajectory. A movement in Bitcoin could provide clearer data to investors about ADA’s direction. With Bitcoin’s price surpassing $52,000 after days of increase, the timing of its impact on altcoins is already a subject of speculation.
