Cardano (ADA) has recently hit the milestone of $1, marking a significant achievement for the cryptocurrency. Analyst Dan Gambardello believes that the ongoing consolidation phase will propel ADA towards targets of $5 to $10. This milestone is particularly noteworthy considering the challenges Cardano has faced in breaking the $1 mark in the past.
Currently ranked as the ninth-largest cryptocurrency by market capitalization, ADA has seen a 2.19% increase in the past 24 hours, adding to its impressive 27.07% gain over the last week. With its price standing at $0.9987, Cardano has garnered attention from both analysts and the wider crypto community for its recent performance.
Gambardello highlighted the skepticism surrounding ADA’s ability to reach $1 again and how some holders viewed this as an opportunity to exit the market. Despite the loss of momentum in its bull run after surpassing $1, Cardano has been consolidating around the $0.999 region, which Gambardello sees as a positive sign for potential redistribution.
Looking ahead, Gambardello predicts that once Cardano completes its current consolidation phase, the focus will shift towards breaking higher milestones such as $5 and $10. Other analysts are even more optimistic, forecasting that ADA could reach $10 to $12 within the next 6 to 12 months, aligning with bullish expectations for other large-cap cryptocurrencies like Bitcoin and Ethereum.
On the accumulation front, whales have been positioning themselves for Cardano’s bullish trajectory. Recent reports indicate that ADA whales have accumulated over 130 million ADA following a dip post $1 breakthrough, increasing their holdings to 3.2 billion ADA tokens as of November 27. Despite some instances of profit-taking, the price of ADA has remained relatively unaffected, showing a consistent uptrend over the last three weeks.
In conclusion, Cardano’s recent achievement of reaching $1 reflects its resilience in the market and sets the stage for potential growth towards higher price targets. As analysts and investors monitor its performance, the consolidation and redistribution phase could serve as a stepping stone for ADA to reach $5 to $10 and beyond. With whales accumulating and bullish forecasts in place, Cardano’s trajectory in the coming months will be one to watch for cryptocurrency enthusiasts.
