Top Analyst Says Cardano Could Target $10 After Redistribution Around $1
Analyst Dan Gambardello recently reflected on the $1 milestone for Cardano (ADA), stating that the ongoing consolidation and redistribution phase will likely propel the token toward $5$10 targets.Cardano's recapture of the long-lost $1 mark this month represents a significant milestone, especially considering its recent challenges. After struggling to break this psychological barrier for years, the token's recent performance demonstrates its resilience in the market.ADA is currently ranked as the ninth-largest cryptocurrency by market capitalization. Over the past 24 hours, ADA registered a 2.19% increase, adding to its 27.07% gain over the last week. At the time of reporting, Cardano's price stood at $0.9987.Cardano Could Target $5$10 After $1 Consolidation PhaseThe price movement has generated significant commentary from analysts and the broader crypto community. In his commentary, Gambardello noted how many observers failed to conceive that ADA could ever hit $1 again. He also mentioned how some holders have considered the $1 mark a favorable point to exit the Cardano market.Notably, since surpassing the $1 level, Cardano's bull run lost momentum, and the asset has been consolidating around the $0.999 region. Gambardello views this ongoing consolidation in a favorable light, seeing it as a window for redistribution.He went on to project that once this phase is over, Cardano could focus on breaking higher milestones, such as $5 and $10.Interestingly, more optimistic forecasts from other analysts predict that ADA could reach $10 to $12 within the next 6 to 12 months. This projection aligns with broader bullish expectations for large-cap cryptocurrencies, such as Bitcoin (BTC) at $250,000 and Ethereum (ETH) at $7,000.Cardano Whale Accumulation is Growing Meanwhile, whales are positioning themselves for the Cardano bull run. As reported, ADA whales recently accumulated over 130 million ADA following the dip after the asset surpassed the $1 mark. Following this accumulation, their holdings were elevated to 3.2 billion ADA tokens as of November 27.Notably, these whales' accumulations have mirrored Cardano's uptick over the last month. While instances of profit-taking have been observed, the price of ADA has barely shown any impact, maintaining a consistent uptrend over the last three weeks.
Text source: The Crypto Basic
