Dan Garmadello: Cardano is responding positively to the bullish cycle of the crypto market

According to renowned cryptocurrency analyst Dan Garmbadello, the recent drop in ADA $0.37 Cardano 3.12% Market capitalization $13.01 billion VOL. 24 hours $65.43 million «was a good thing for investors in a dynamic bull market.» The analyst made his statement after the Чарльз Хоскінсон" href="https://noworries.news/biography/charlz-hoskinson/" data-bio-id="10 311">Charles Hoskinson blockchain token dropped by 25%. This happened during the regression of bitcoin BTC $56,506.40 Bitcoin -1.08% Market capitalization $1.11 trillion VOL. 24 hours $2.78 billion , which collapsed immediately after reaching a new all-time high.

The Cardano token fell after jumping to a new annual high of $ 0.8. Other altcoins from the top 50 also experienced a drop, and Garmbadello believes that this is a good sign for ADA.

Compared to the current trend, the analyst emphasized that ADA «recently reached a structure breakdown.» Garmbadello explained that the relatively slow movement of the virtual coin is consistent with a bull market. He noted that ADA still has the potential for more growth.

Gambardello noted that the historical consistency of the crypto market trend is«sufficient to compare price behavior during different cycles.» The analyst did not rule out the possibility of deviations from previous patterns that the cryptocurrency industry has already encountered. However, he confirmed that the market is synchronized with the last cycle, and the recent pullback is normal. He believes that ADA is preparing for a parabolic movement similar to the last bull cycle.

According to analyst tracker CoinMarketCap, at the time of writing, March 7, ADA is trading at $ 0.74 with a market capitalization of $ 26.2 billion. Traders made daily trading deals worth $ 975.8 million.