Wednesday, December 8, 2021

Crypto Capital Venture Founder: Cardano’s Current Trend Is Often a Great Bull Indicator

Since the mainnet launch of Alonzo, Cardano (ADA), the fifth-largest cryptocurrency by market capitalization, has not made any notable upward trend, giving suitors and potential investors the reason for concern. However, Dan Gambardello, the founder of Crypto Capital Venture, is seeing the current trend exhibited by Cardano as a great bull indicator.

Gambardello stated in a recent tweet that he has been receiving negative messages from supposed Cardano (ADA) investors that are seemingly losing faith in the cryptocurrency due to its long-term sideways trend.

Read Also: Cardano (ADA) Hits Milestone of Over 2 Million Wallets As Its Usage Keeps Increasing

However, Crypto Capital Venture founder said all those negative comments make him more bullish rather than bearish on ADA, the native token of the largest proof-of-stake (PoS) blockchain, Cardano.

He further added that the current trend showcased by Cardano is often the greatest bull indicator considering the experience he has gathered in the crypto industry over the years, stating that such a trend also applies to Bitcoin (BTC) and other cryptocurrencies.

Dan Gambardello tweeted, “I’m receiving so many Cardano comments that are so negative on ADA. I can’t state enough how bullish that makes me. Why? In all the years I’ve been in crypto, when THIS happens, it is often the greatest bull indicator. This notion applies to Bitcoin and every other coin.”

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In response to Gambardello’s sentiment, a pseudonymous crypto user wrote, “Dan. No one supports the Cardano mission more than me. I’ve been in since $.08-.12. That said, neither you nor I nor anyone expected complete crickets after the Alonzo hardfork. Now I’m hearing dapps won’t be usable until Hydra? C’mon man.”

Gambardello replied, “It was crickets and consolidation after the previous 2 hard forks…we 100% anticipated this could happen. It’s not surprising at all.”

Read Also: A New Ethereum to Cardano Bridge Launches to Provide NFT Creators with Eco-Friendly Options

According to CoinGecko, on 2nd September 2021, Cardano (ADA) hit a price all-time high of $3.09, but it currently trends sideways around $2. At the time of filing this report, Cardano (ADA) is trading at $2, with a relatively 1% price downtrend in the last 24 hours.


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Solomon Odunayo
Solomon Odunayo is a cryptocurrency journalist with over 3 years of experience in the crypto industry. He's sternly interested in covering developments of emerging and established blockchain projects.

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