Dan Gambardello, founder of Crypto Capital Venture, stated on Monday that Bitcoin is building upside momentum on the daily chart, but a significant breakout may not be smooth sailing. Furthermore, Cardano (ADA) price is seeing considerable movement within both 4-hour and weekly timeframes. Regardless, traders must keep an eye on Bitcoin and Cardano for bullish confirmations, as US Federal Reserve Chair Jerome Powell’s speech on Friday could serve as a key catalyst.
Gambardello observed in a May 15 YouTube video that momentum oscillators are indicating a shift in Bitcoin price momentum. The BTC price bounced back from the crucial 200-WMA support level at $26,000, and traders are on the lookout for bullish signals. Currently, the BTC price trades above $27,300, having risen 2% within the past 24 hours.
However, the Bitcoin price is at an inflection point in the daily timeframe, with many uncertainties and events like Powell’s speech complicating matters. While the RSI appears to be near the oversold region and there’s a possibility of a 20MA crossover above 50MA this week, this bullish potential could be tempered.
Moving to Cardano, the ADA price in the weekly timeframe shows a bullish confirmation pattern with a 20MA crossover above 50MA, which hasn’t happened above 2021 yet. However, for this bullish sentiment to remain relevant, candles need to close above 20MA.
Gambardello predicts that the ADA price could hit $0.40 and subsequently return to the wedge before rising to $0.45 in May or early June. ADA is currently trading at $0.37, marking a 1% increase within the past 24 hours, with trading volume also growing during the same period.
The founder of Crypto Capital Venture had previously reported that ADA price could soar to $15 in the next bull market, pushing its market cap to nearly $500 billion. He believes that Cardano’s developments are on par with Ethereum and considers it to be a superior blockchain.
In conclusion, while there are encouraging signs for both Bitcoin and Cardano, the market remains uncertain, and traders should closely monitor events like Jerome Powell’s speech on Friday. The crypto market hinges on various factors, so thorough research must be done before investing to minimize personal financial loss.
Source: Coingape
