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03/06/2024

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Analyst Suggests Bullish Cardano Trend After 25% Drop

Cardano (ADA) saw a 25% price pullback following Bitcoin’s drop from a new all-time high (ATH). This drop set the crypto space buzzing with speculation over what to expect from the Layer-1 blockchain token,...

Analyst Suggests Bullish Cardano Trend After 25% Drop

Analyst Suggests Bullish Cardano Trend After 25% Drop

Cardano (ADA) saw a 25% price pullback following Bitcoin’s drop from a new all-time high (ATH). 

This drop set the crypto space buzzing with speculation over what to expect from the Layer-1 blockchain token, drawing the attention of top crypto analyst Dan Garmbadello. 

Dan Garmbadello’s Reaction To Cardano Pullback 

In a recent YouTube video, Dan Garmbadello revealed that Cardano’s pullback on Mar. 5 was a good sign for investors to take advantage of the next bull run. Dan stated that the price drop was similar to before Cardano’s (ADA) last bullish cycle.

He said the last bull cycle happened at almost the same stage as ADA’s current price movement before gunning for the moon. 

The crypto analyst compared the pullback to what is happening with Bitcoin after reaching a new yearly high of $0.8 and BTC achieving the same milestone at $69,210.

However, Bitcoin led the massive price drop in the crypto space, which Dan believes is a positive sign for Cardano (ADA). 

What’s Next for Cardano (ADA)?

During writing, Cardano (ADA) trades at the $0.7298 level, with a trading volume of over $2 million within 24 hours. 

Cardano Price Chart - CMC
Cardano Price Chart – CMC

Using the current price, Dan Garmbadello confirmed that ADA recently achieved a “break of structure.” He explained that ADA’s relatively slow price movement is typical during a bullish market. 

Gambardello emphasized the importance of historical trends in the crypto market, suggesting that past behavior can provide insights into current price movements.

While acknowledging the possibility of deviations from these patterns, he stated that the current market aligns with the trends of the last cycle, and the recent dip in prices is nothing out of the ordinary.

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