The founder of Crypto Venture Capital states that ADA is the best altcoin to hold for 2023. According to one analyst, the altcoin will remove the trend of setting lower lows. Thus, the bulls will force ADA to set higher highs.
Dan Gambardella: This altcoin can do 10x!
cryptocoin.com As you follow, the crypto money market has gained a little momentum in the new year. This pushes investors and traders to seek it. Dan Gambardella, founder of Crypto Venture Capital, says Cardano (ADA) will be the best altcoin to hold in 2023. Complementing its claims, Gambardella claims that the ADA will increase by more than 1000% without anyone noticing.
#Cardano will be a top altcoin to hold in 2023 and most people won’t realize it until it’s 1,000%+ again.$ADA
— Dan Gambardello (@cryptorecruitr) January 1, 2023
Cardano traded at $0.260 last week as shown in the chart below. It managed to break above the opening market price for just one day. Thus, it recorded the highest price at $0.265 last Tuesday. However, ADA fell short shortly after recording its highest price. However, the altcoin started to show bullish signs again today.
ADA 7-day trading chart / Source: CoinMarketCapCardano (ADA) price analysis
Crypto analyst Chryzano Ariston points out the following levels in the technical outlook for ADA. ADA, which broke down from $0.260, reached its lowest level in two days at $0.2407. Currently, ADA is trading in the fluctuating red zone in the $0.240-0.250 range. ADA is trading at $0.255, up 2.13% in the last 24 hours. Interestingly, Cardano ranks twenty-second on the list of top earners.
ADA has been fluctuating fairly close to the 200-day MA (yellow line) since September. At times it broke the 200-day MA and recovered, while other times it fell well below the 200-day MA. ADA made its first break for the last quarter of 2022 on October 25 (red elliptical).
ADA 4-hour trading chart / Source: TradingViewSince then, ADA has managed to make a debut. However, on December 13, ADA tested the 200-day MA line. However, the bulls failed to break the ADA to the 200-day MA line. ADA is recording lower lows (triangles) when trading in a regression trend channel. However, ADA has currently stopped recording lower levels and has gained some momentum.
If the bulls press further, it is possible for ADA to reach the upper boundary of the regression trend channel. With more support from the bulls, ADA is likely to break the 200-day MA and reach the 1 resistance ($0.2972). If the bulls and ADA show more persistence, it is even possible to reach resistance 2 ($0.4321). On the contrary, if the bears step in, ADA 1 ($0.0905) is stored to support it. The RSI (Relative Strength Index) is at 63.68 and it is tilting upwards towards the overbought zone. Therefore, prices are likely to fall further if the bulls do not come to the rescue.
