Analyst compares ADA's Early Years to Amazon's

Analyst compares ADA’s Early Years to Amazon’s

Updated: 05 September 2023

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Earlier this week, Dan Gambardello tweeted that the history of Cardano’s creation has a lot in common with the beginnings of Amazon. A Cheeky Crypto analyst, in the meantime, predicted that ADA’s price may continue to drop in the coming weeks if current trends continue. A symmetrical triangle chart pattern was present on ADA’s daily chart as of the time of publication.

According to a tweet by cryptocurrency analyst and trader Dan Gambardello earlier today, Cardano’s early years share many characteristics with the early years of e-commerce giant Amazon. The analyst noted that, even though the two are vastly different from one another, ADA holders can learn valuable lessons from Amazon’s past.

The similarities of early stage Cardano and early stage Amazon are so compelling. If you are an ADA holder, you need to see this!

📉 ADA holders have endured an obviously tough bear market. Did you know it is eerily reminiscent of Amazon's crash in the early 2000s? While Cardano…

— Dan Gambardello (@cryptorecruitr) September 4, 2023

ADA holders have weathered a challenging bear market, reminiscent of Amazon’s roller coaster ride in the early 2000s, Gambardello revealed in his tweet. Although Cardano and Amazon have very different technologies and goals, their historical price patterns are strikingly similar.

CEO Jeff Bezos delivered a resounding message to shareholders during Amazon’s tumultuous crash – a message that ADA holders should take note of. In spite of Amazon’s steep decline in stock price, Bezos emphasized that the company was stronger than ever.

Gambardello believes this principle holds true for Cardano as well. Because Cardano is committed to technological advancement and development, it is positioned to thrive in a volatile market environment.
Amazon’s dedication to innovation and relentless improvements to customer experience propelled the company’s meteoric rise to success, explained Gambardello.

Cardano’s continuous upgrades and ecosystem development are laying the groundwork for its own adoption journey.

ADA holders should also consider market sentiment as a short-term “voting machine” while fundamental value is a long-term “weighing machine” for success. After stating that setbacks are often the key to remarkable comebacks, he concluded the post.

Analysts from Cheeky Crypto predicted that ADA’s price might continue to drop in the coming weeks. In his prediction, he analyzed the altcoin’s weekly chart using Elliott Wave theory. Based on this analysis, it appears that ADA’s price is still in a corrective phase.

His video also included some interesting statistics about the altcoin. ADA was held by more than 4.4 million addresses. However, only 35,456 of these addresses are active at the moment.

Over the past 24 hours, ADA liquidations have totaled $164,443. During this period, more than half of all ADA-related liquidations involved short positions, with 69.37% involving bets against the asset.

As of press time, CoinMarketCap indicated that the Ethereum-killer was changing hands for $0.2565. ADA’s price had fallen 0.37% over the past 24 hours. This latest price drop has further dragged its weekly performance into the negatives to -2.59%.

A competitor of ADA, Solana (SOL), posted the biggest loss during this period, rather than ADA itself. The cryptocurrency market tracking website indicated that SOL’s price had dropped more than 2% since press time – bringing its price to $19.34.

The daily chart of ADA shows a symmetrical triangle pattern, which suggests the cryptocurrency’s price may break out soon. Additionally, MACD and RSI indicators indicated ADA’s price could go either way if this breakout occurs.

As ADA’s price continues to fall, it may try to retest the $0.2375 support level soon. Alternatively, a positive breakout could see the altcoin’s price soar to $0.2920 by the end of the week.

This bullish breakout will be confirmed when ADA closes a daily candle above $0.2645. The altcoin, on the other hand, could drop to those mentioned above the $0.2375 support area if it breaks below the lower level of the triangle chart pattern.

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