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- Dan Garmbadello thinks ADA’s pullback yesterday was a good development for the bull market.
- ADA dropped by 25% following Bitcoin’s pullback from a newly established ATH of $69,210.
- According to the analyst, ADA exhibited the same behavior at a similar stage in the last bull cycle.
According to Dan Garmbadello, a renowned cryptocurrency analyst, ADA’s pullback yesterday was a good development for investors in the developing bull market. Gambardello made the statement after the Layer-1 blockchain token dropped by 25% following Bitcoin’s drop from a new all-time high (ATH).
Cardano pulled back after reaching a new yearly high of $0.8, which coincided with the new ATH registered by Bitcoin at $69,210. Bitcoin led the drop, affecting many altcoins in the crypto market, and Garmbadello believes it is a good sign for ADA.
In a recently uploaded video, the famous analyst compared ADA’s behavior yesterday to what happened at a similar stage in the last bull cycle. He showed that ADA experienced a sharp pullback almost at the same stage of the bull cycle before rallying significantly.
Meanwhile, Gambardello confirmed the beginning of the bull cycle by showing that Bitcoin has broken the bull market doors. He showed how it happened in November 2020 to kickstart the parabolic spikes in Bitcoin and ADA’s bull run.
Compared to the current trend, the analyst revealed that ADA recently achieved a “break of structure.” He explained that the Layer-1 blockchain token’s relatively slow movement is consistent with the bull market. He noted that while Bitcoin has broken its ATH, ADA remains a fair distance from the highest price it achieved in the last bull run.
Gambardello noted that the historical consistency of the crypto market trend is enough to compare price behaviors across different cycles. The analyst did not rule out the possibility of a deviation from previous patterns. However, he affirmed that the market is in sync with the last cycle, and the recent pullback is normal. He believes ADA is gearing up for a parabolic movement, similar to the last bull cycle.
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