Long-standing Cardano bull Dan Gambardello has highlighted two critical resistance areas that bulls should watch in October.
The bullish sentiment surrounding October continues to grow as market observers expect the price of cryptocurrencies to respond positively to the historically favorable season. Among those sharing this thought is Gambardello.
His Wednesday analysis already insinuates that Cardano would extend its positive start to the month. For perspective, ADA joined a broader market uptrend yesterday, registering an impressive 6.36% growth over the past 24 hours.
For perspective, Cardano topped around the resistance area in February and May. While it went slightly higher in the past three months, it has failed to sustainably trade above the $0.87 resistance. With ADA barely 2% away from the area, Gambardello has advised bulls to be wary.
Cardano Bull Market Door a Crucial Area
Furthermore, Gambardello identified the $1.25 supply area as the cycle’s resistance to watch. The prominent analyst had previously termed the zone the Cardano “bull market door,” insisting it will mark a remarkable bullish turnaround for ADA if it breaks above.
Meanwhile, he believes that a rally to $1.25 is close and successfully neutralizing the supply pressure around the area will mark the start of a proper parabolic expansion for Cardano. Currently trading at $0.856, ADA would have to rise by 46% to reach this bull market door.
Possible Target If Cardano Breaks Major Resistances
While Gambardello did not provide insight into where Cardano could reach if it breaks above the two major resistances in his tweet yesterday, his earlier analysis does. The permabull predicted in August that Cardano could rally to a new all-time high of $10.025 if it breaks out from the cycle’s resistance level.
The price target, which is 1,071% away from the current market price, is a common target among market analysts. Projections from prominent figures, such as Ssebi and The Modern Investor, all suggest the possibility of Cardano reaching $10.
Other analysts like Ali Martinez predict a similar bullish breakout but with a lower price target. Specifically, the top chartist suggested in September that Cardano is in the early stages of a rally targeting $6.25.
