🚀 CARDANO: KEY TAKE-OFF AREA!
Ethereum (ETH)'s flashy competitor Cardano (ADA) is in a "**key demand zone**," cries crypto analyst Ali Martinez to his 33,800 followers on social network X.
Martinez claims that 166,470 wallets collected 4.88 billion ADA, which is more than $1.85 billion, while the asset was trading between $0.37-0.38.
"With minimal resistance ahead and solid support below, holding above this zone could pave the way for ADA to new yearly highs. However, be alert as a loss of this support level could trigger a short-term correction to $0.34."
Martinez notes that Tom DeMark's indicator (TD Sequential) generated a sell signal on the weekly ADA chart. The TD Sequential indicator is used by traders to predict potential trend reversals based on the closing prices of the previous 13 bars or candles.
The analyst explains:
"A loss of $0.37 as support could trigger a correction to $0.34 or $0.33. ADA needs to close above $0.40 to move towards $0.46!"
Martinez also says the indicator is providing a short-term bullish signal.
"Notice how the 100-EMA (exponential moving average) on the four-hour chart is acting as a bounce zone for ADA while the $0.396 level is acting as solid resistance. TD Sequential is now presenting a buy signal in this time frame around the 100-EMA , anticipating another bounce. However, look for a 4-hour candle close above the $0.396 resistance or below the 100-EMA to confirm ADA's trend direction."
At the time of writing, ADA is trading at $0.381. 📈✨
