Gambardello Sees ADA Breaking Out to $0.40

Veteran analyst Dan Gambardello says investors should not give up on Cardano (ADA) just yet, as it approaches an important inflection point. According to a report by The Crypto Basic, Gambardello notes that ADA is testing a key resistance line near $0.241 and if it breaks out of its current structure, it could rise quickly to $0.40.

This would be a significant gain of about 62.58% from the current price of $0.24603. The last time ADA traded near $0.40 was in January this year. Gambardello himself reduced his ADA holdings during a governance crisis in June, but he still holds some and has expressed optimism about the coin's potential.

Market action also supports the short-term rebound view, with ADA rising around 31% over the past 7 days and its market capitalization standing at $9.02 billion. However, it is not confirmed whether this rebound will lead to a trend reversal, and ADA needs to break through the key resistance line to raise the chance of a renewed push toward $0.40.