Bittime – Renowned Crypto Analyst, Dan Garmbadello, sees the recent drop in Cardano (ADA) price as a positive sign for the burgeoning bull market. This happened after ADA, a Layer-1 blockchain token, fell 25% after Bitcoin experienced a pullback from its highest price (ATH).
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What is Cardano(ADA)?
Cardano is a blockchain platform designed to be more scalable, secure, and sustainable than other platforms. The platform uses a proof-of-stake (PoS) consensus called Ouroboros, which is claimed to be more energy efficient than the proof-of-work (PoW) consensus mechanism used by Bitcoin.
Cardano has a native cryptocurrency called ADA, which is used to pay transaction fees and to participate in platform governance.
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Comparing ADA patterns in Previous Bull Cycles
Garmbadello Compares ADA's Current Behavior to Similar Points in Previous Bull Cycles. He highlights a period where ADA experienced a sharp decline before a significant rise. This comparison reinforces his belief that the recent pullback is a normal part of the market cycle.
Further supporting his bullish view, Garmbadello pointed out that bitcoin has surpassed its previous peak, which Garmbadello considers a sign of a bull market underway.
Also Read: Know whether Bitcoin Trading is Overbought or Oversold using Bollinger Bands
Current Cardano (ADA) Price
According to Market Bittime.com at the time of writing this article (07/03/2024) the price of 1 ADA to IDR is at Rp. 11,460 and experienced an increase of +0.57
Same Pattern in November 2020
He referred to a similar event in November 2020 that preceded major price increases for Bitcoin and ADA. Interestingly, Garmbadello observed that price movements there are slower than bitcoin currently.
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ADA Hasn't Reached ATH Like Before
Garmbadello sees this as consistent with a bull market and highlights that ADA has not hit an ATH before, unlike Bitcoin. While acknowledging the possibility of unexpected market shifts, Garmbadello emphasized the historical similarities between the current trend and previous bull cycles.
Based on this comparison, he believes that the recent pullback is a normal fluctuation and predicts a potential surge in ADA, similar to its past performance.
Also Read Trading Strategy When Ethereum Becomes Bullish
How to Buy Cardano (ADA) on Bittime
You can buy and sell Portal (ADA) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Cardano (ADA) is available on Bittime with the ADA/IDR market pair . To be able to buy ADA IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Cardano (ADA) on Bittime .
Monitor the price chart movements of Portal (ADA), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read
Cardano (ADA): Comprehensive Analysis for Beginners
Cardano (ADA) Market Cap Hits $2 Billion in 24 Hours
Cardano (ADA): Innovative Blockchain with Full Details
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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