Investing.com – The network turmoil has spared no cryptocurrency. also suffered steep declines, but that doesn’t automatically mean that blockchain isn’t destined for a bright future.
Investor and founder of Crypto Capital Ventures, Dan Gambardello, even goes so far as to say that the ADA could in the future exceed the . The starting point for his audacious prognosis is Vasil’s next hardfork, a kind of secret weapon thanks to which the network will finally become scalable.
This could be the starting signal for a new rally, as Gambardello said:
“I can totally imagine a sort of facilitation rally.”
“In my opinion, Cardano will overtake bitcoin and a number of other altcoins, due to what is happening on the Cardano blockchain.”
The investor also found that there is now a correlation with the S&P 500 index, as data from March 16-29 shows. During this period, ADA outperformed BTC. While bitcoin was only up 23%, Cardano hit the 55% mark. According to Gambardello, this is because the ADA blockchain is fundamentally evolving and producing entirely new technologies, which the coin will continue to profit from in the future, as he explained:
“I think Cardano will overtake bitcoin and a number of other altcoins, because of what’s happening on the Cardano blockchain.”
This estimate should please Cardano founder Charles Hoskinson, as he has long felt that his network is not getting the attention it deserves.
Technical thresholds to watch on Cardano
Cardano recovered from its recent drop to $0.4029. The cryptocurrency, however, failed to sustainably break above the 38.2% Fibo retracement of $0.5947 despite being tested three times.
The 23.6% Fibo retracement of $0.5214 now appears to be the new starting point for an exit in either direction.
If the bulls fail to gain the upper hand, expect a test of the recent low of $0.4029.
A sustained recovery can only be expected if the resistance of the 38.2% Fibo retracement is sustainably broken. In this case, the recovery may continue towards the 50 and 61.8% Fibo retracements of $0.6539 and $0.7131.
By Marco Oehrl