Dan Garmbadello, a top crypto analyst, reveals his insights on the potential breakout of Cardano (ADA) and DOG meme coin in the upcoming altcoin season. Despite market volatility, Garmbadello remains confident in this cryptocurrency duo, considering them key plays for the anticipated cycle. He provides a detailed analysis, highlighting the upcoming Chang hard fork for Cardano and DOG’s gains.
The Chang hard fork is a pivotal event for the Cardano blockchain, viewed by Garmbadello as the “doorway to decentralized governance.” Consequently, this fork will introduce a large community-managed treasury, a step towards decentralized governance on the Cardano network. Additionally, the anticipation surrounding this fork is tied to potential positive price movements for ADA.
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Cardano Price Analysis
On the technical front, Cardano’s weekly and daily charts indicate potential for significant movement. The weekly chart shows consolidation between the 20-week and 50-week moving averages, similar to patterns observed in past post-Bitcoin halving cycles.
Moreover, this consolidation often precedes major price moves, suggesting a possible breakout. The daily chart reveals a multi-month consolidation with a symmetrical triangle pattern, presenting clear targets: mid-30 cents if ADA breaks downwards and around 60 cents if it breaks upwards.
Achieving the 60-cent target would mark the beginning of a bullish phase, especially if ADA can surpass the 20-week moving average, currently around 54 cents. With the broader market context indicating a potential altcoin season by late summer or early fall, Cardano appears poised for significant gains if it can navigate these critical levels.
DOG’s Price Analysis and Fair Launch
Garmbadello shifts his focus to DOG, a relatively new meme coin that has garnered significant attention with its recent gains of up to 400%. Despite community feedback, he emphasizes DOG’s potential due to its innovative launch and positioning within the Bitcoin ecosystem.
Additionally, DOG recently overtook BOME, another meme coin, in market cap despite lacking tier-one exchange listings, a feat praised by Garmbadello as he underscores DOG’s decentralized, fair launch.
Expressing a strong interest in DOG, both from a personal investment standpoint and due to its market performance, Garmbadello outlines his strategy for increasing exposure to this volatile meme coin. However, he acknowledges the expected volatility and emphasizes the potential for further growth.
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DOG Price predictions
While Garmbadello points to a potential downside target for DOG around the 6-cent area, he clarifies that such dips are normal in crypto markets and often precede further gains.
Moreover, the bullish scenario for DOG involves a breakout above current resistance levels, potentially reaching a market cap of 1.5 billion dollars, facilitated by gaining tier-one exchange listings and overall positive market conditions.
In conclusion, Garmbadello advises viewers to prepare for potential downside in the crypto market as the altcoin season approaches in late summer or early fall. Furthermore, he teases an upcoming video focused on total market cap and Bitcoin dominance indicators, which could signal the onset of the anticipated altcoin season.
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