Cryptocurrency analyst Dan Gambardello is monitoring four altcoins at the moment. Settings forming across Ethereum, Cardano, SUI and DOG on Bitcoin are at oversold levels not seen since the bottoms of the previous cycle.
“I’m not saying the bottom has been reached. I’m not playing this game anymore. I did and I was wrong,” he said. “However, in every cycle so far, these same indicators have essentially bottomed.”
Ethereum: Fractal November 2024
Ethereum is forming a structure on the daily chart that closely mirrors the November 2024 setting before that year’s breakout. Higher highs and higher lows are formed at the intersection of the 20 and 50 day moving averages.
Gambardello is watching The first resistance level is $2,800, which corresponds to the 200-day moving average. If Ethereum can maintain its current support area and break the range, it is seen as the most likely asset to lead the altcoin movement.
Rejection of a return to the moving average confluence is still possible, but the fractal structure is intact for now.
Cardano: MACD pressure building
Cardano’s daily MACD is showing pressure that looks almost identical to the October-November 2024 structure that preceded the ADA hack. Gambardello is waiting for one specific signal: the chart closing in the green above the zero line with real momentum behind it.
He said fakeouts were possible, pointing to a false signal in September 2024 before the real move arrived. But the setup is there and it is being watched closely.
SUI: 85% decline and monthly Stoch RSI is completely oversold
SUI is down 85% from its high. The monthly Stochastic RSI has been in oversold territory for more than a year, an unusually extended reading for a fast-moving momentum oscillator.
This type of long-term oversold condition doesn’t happen very often, Gambardello said. If a reversal occurs, he is watching the $1.50 level as a short to medium term target.
DOG on Bitcoin: 91% withdrawal, the number one meme coin
DOG is down 91% from its all-time high, putting it in a similar drawdown category as ADA and SUI. Gambardello described it as the number one meme on Bitcoin and added that it was the most interacted meme on X last week.
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