Can Cardano Repeat Its 1,000% Rally? Popular Figure Thinks So

On Sep 8, 2024

Dan Gambardello predicts a bullish ADA/BTC pattern similar to one that sparked a 1,000% rally four years ago.
Cardano’s new decentralized governance tool could boost investor confidence and drive potential future price gains.

In a tweet, Dan Gambardello, founder of Crypto Capital Venture, noted an “insane bullish divergence” on the ADA/BTC daily chart. According to Gambardello, a similar trend arose four years ago, resulting in a spectacular 1,000% increase in Cardano (ADA) against Bitcoin.

This statement has sparked tremendous interest in the crypto market, with many speculating on the possibility of another major surge in the near future.

🚨 Insane bullish divergence on the ADA/BTC daily chart.
Last time this happened 4 years ago, Cardano rallied over 1,000% against Bitcoin. pic.twitter.com/cR0uqkIcTe
— Dan Gambardello (@cryptorecruitr) September 5, 2024

Cardano Open Interest Decline Signals Market Caution Amid Price Rise

The Cardano token (ADA) is currently trading at $0.3349, up 3.58% over the last 24 hours. The daily trading volume has reached $161.91 million, indicating greater activity surrounding ADA.

Despite the recent price increase, open interest (OI) for ADA is about $170.57 million, a value that has been steadily decreasing since July 2024. This pattern in OI shows market caution, with traders likely expecting more volatility.

In addition to market activity, Cardano’s fundamental developments could influence its price movement. According to CNF, the Cardano Foundation just launched GovTool, a governance tool built on Cardano’s blockchain backbone that aims to improve decentralized governance in the ecosystem.

This event may boost investor confidence even more, with analysts predicting that ADA’s price would rise in the following months.

On the other hand, some members of the crypto community continue to criticize Cardano. Adam Back, a Bitcoin developer and well-known acquaintance of Satoshi Nakamoto, has publicly denounced Cardano, joining a growing number of Bitcoin supporters who are suspicious of the project.

As we previously reported, Back, along with others, has claimed that ADA might fall by up to 90%, which could signal trouble for the altcoin if such forecasts come true.

These complaints follow the contentious comments made by Cardano founder Charles Hoskinson. Hoskinson recently stated that Bitcoin had lost its path and had evolved into a cult rather than an ecosystem. His opinions have outraged many members of the Bitcoin community, and some have reacted violently to his claims.