Cardano’s $10 Ambition: Is ADA Gearing Up for a Major Bull Run?

Cardano (ADA) is currently trading at $0.678, down 2.8% over the past 24 hours. The price has been fluctuating between $0.665 and $0.70. Despite the short-term decline, analysts believe a major breakout might be on the horizon.

Oversold Momentum Signals a Big Move
According to analyst Dan Gambardello, ADA is extremely oversold on the Stochastic RSI—one of the lowest levels in years. While the trend appears bearish, Dan notes that such setups often lead to surprise breakouts. A key trendline has been broken, but this might just be the calm before the storm.

Institutional Backing Strengthens ADA’s Case
Cardano’s fundamentals are getting stronger. Investment giant Franklin Templeton ($1.6 trillion AUM) is now running Cardano validator nodes, marking a major step in blockchain infrastructure. This has been confirmed by Cardano Foundation CEO Frederick Gregaard.

Meanwhile, Norway’s NBX exchange is partnering with Cardano to develop Bitcoin-based DeFi solutions, citing Cardano’s secure and scalable design.

Is a Rally Imminent?
If ADA holds above the 50-week MA at $0.64 or breaks past the 200-week EMA, a new uptrend could begin. First resistance levels lie at $0.694 and $1.10. A breakout above those could pave the way to Dan’s long-term target of $10.

Analyst Dalin Anderson also compares ADA’s current chart to Bitcoin’s 2012-13 pattern, projecting a price target of $3.67 based on a $130B market cap.