2023-11-28 20:32 |
As the new month draws closer, story observers are looking to strengthen their position in the cryptocurrency market. While Bitcoin is a major target for some, altcoins like Cardano, XRP, Shiba Inu, and Solana are just as promising for others.
One such altcoin that has the market talking non-stop is Cardano’s ADA. The general sentiment amongst market players at this time is mixed. While some are bullish on crypto majors like XRP, Solana, and Shiba Inu, others are more conservative with their price expectations.
Ali Charts, a prominent analyst convinced of ADA’s ability to sustain momentum and push past the bearish tides, made some remarkable observations in a recent post shared on X.
Per his notation, Cardano is at a key demand zone between the $0.37 and $0.38 price levels. At this position, a staggering 166,470 wallets have secured 4.88 billion in ADA at press time.
Although there is mild resistance ahead and what the analyst considers solid support for the altcoin, ADA still can make a significant upclimb.
Should the asset remain above the zone as mentioned above, it could pave the way for ADA to make an upclimb to new yearly highs, he asserted.
His bullish comments have been received positively by the ADA community. However, it is still important not to throw caution to the wind, as the current pathway isn’t obstacle-free.
It is important to watch out for the unexpected, as losing this current support level could trigger a brief correction for ADA. At press time, the asset is trading for $0.37. Losing support could result in a downward correction that could force ADA to return to $0.34.
In a follow-up post, the trader highlighted that a sell signal had been spotted on the technical chart. If selling pressure intensifies, ADA could go down to lower lows. To avoid this downward spiral, bulls must secure some gains.
As he explained,
“Cardano | The TD Sequential indicator presented a sell signal on the ADA weekly chart. Losing the $0.37 level as support could trigger a correction toward $0.34 or $0.33. ADA must close above $0.40 to advance toward $0.46!”
ADA has lost over 2% of its hourly gains at report time. Although the market cap is in the red zone, trading volume has surged by 28% in the last 24 hours.
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