The cryptocurrency trader and analyst Dan Gambardello predicted that the market dominance for Bitcoin (BTC) may reach its peak in the coming few weeks, potentially giving altcoins such as Cardano (ADA) the chance to rally. At the base of his prediction is the fact that ADA was resting on a medium-term positive trend line that had formed on the ADA/BTC daily chart.
Daily chart for ADA/BTC (Source: TradingView)
Despite his prediction, Gambardello did warn that BTC’s dominance could continue to rise to above 60% if history repeats itself. Consequently, ADA may drop another 50+% on the ADA/BTC chart, which is aligned with what other analysts anticipate and technical indicators suggest, according to Gambardello.
The analyst noted in his video that a bullish divergence was present on the daily chart for ADA/BTC. This was evident in the fact that the daily RSI indicator was posting higher lows, while the altcoin’s price recorded lower lows during the same time period. Subsequently, Gambardello speculated that ADA/BTC could be in the process of establishing its low point for this bear cycle.
Meanwhile, at press time, CoinMarketCap indicated that ADA was changing hands at $0.2445 after it experienced a 0.49% drop in its price over the past 24 hours. This negative daily performance had also forced ADA’s weekly performance deeper into the red zone, taking it down to -2.37%.
Similarly, the leading cryptocurrency also suffered a 24-hour loss, and was down 1.89%. This brought BTC’s price to $26,086.10 at press time. The price performance over the past 7 days for the largest cryptocurrency by market cap stood at -2.93%.
The decline in BTC’s price throughout the past day of trading also impacted the cryptocurrency’s dominance in the market. Consequently, BTC’s dominance was down 0.21%, and was estimated to be around 48.9% at press time as a result.
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