Bittime - Cardano (ADA) price recently fell after Bitcoin failed to maintain its record high (ATH) of $69,328. However, crypto analyst Dan Gambardello actually sees this as a positive signal for the entire crypto market.
Also Read Cardano (ADA): Innovative Blockchain with Complete Details
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Gambardello: ADA's decline resembles a historical bullish pattern
Dan Gambardello, a renowned crypto analyst, compared ADA's current decline with ADA price trends in previous bull market cycles. According to him, drops like this are often followed by significant price increases, indicating ADA's potential for future growth.
This analysis comes after Bitcoin recently hit ATH. Gambardello called this moment the opening of the "bull market door", a term that describes market conditions that trigger a rapid surge in crypto prices.
Gambardello argues that ADA's current decline, which he calls a "break of structure", is a common pattern in bull markets. Even though it has not surpassed the previous ATH like Bitcoin, ADA's overall price movement is still in line with a healthy bull market trend.
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ADA: Ethereum-like potential?
Gambardello also compared ADA's growth potential with the historical performance of Ethereum, the second largest cryptocurrency by market capitalization. According to him, ADA has the potential to experience a significant "breakout", similar to Ethereum. This is driven by the development of decentralized finance (DeFi) projects on both platforms.
Also Read Cardano ADA Crypto 2024 Review: A Brief Understanding
Bullish Prediction for ADA
Long-term forecasts from crypto exchange Changelly also reinforce the bullish outlook. Changelly predicts ADA could break through $10 in 2030, and even reach $165 in 2040, and $600 by the end of 2040.
Currently, ADA price is around $0.70, down 8.7% in the last 24 hours. However, ADA still shows an increase of around 15% in the last week. This increase brings ADA's market capitalization to $25.7 billion today, with trading volume exceeding $2 billion in the last 24 hours.
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The following is a video analysis by Gambardello
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.
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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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