Ethereum Rival Cardano Could Experience Breakout Moment Soon, Says Analyst
A crypto analyst believes that Cardano (ADA), a competitor to Ethereum (ETH), is on the verge of a breakout. According to Ali Martinez, ADA could surpass the upper limit of its consolidation range as early as December. Comparing the current trend to the 2018-2020 phase, Martinez suggests that ADA may stay in this consolidation phase until July 2024. However, if unforeseen events do not occur, ADA could break out by December. The analyst’s chart indicates that ADA needs to cross the $0.50 mark and predicts it could reach $6 by the end of 2024. Currently, ADA is trading at $0.24.
Bitcoin Needs to Close Above $28,233 for Bull Cycle, Says Analyst
Martinez also provides insights on Bitcoin (BTC). He states that BTC must convincingly close above $28,233 to initiate a bull run. This prediction is based on the Warm Supply Realized Price indicator, which focuses on the short-term holder supply up to the long-term holder cohort’s beginning. The analyst asserts that if BTC secures a sustained close above $28,233, it will reignite the bull run.
RSI Indicator and TD Sequential Indicator for Bitcoin and Ethereum
Martinez emphasizes two technical indicators for Bitcoin and Ethereum. He recommends using the Relative Strength Index (RSI) for Bitcoin, advising buying when RSI dips below 30.35 and selling when RSI exceeds 74.21. As for Ethereum, he suggests using the Tom DeMark (TD) Sequential indicator, which indicates possible trend reversals. According to Martinez, ETH could rebound to $1,630 if it closes above $1,530.
Hot Take: Cardano’s Breakout Potential and Bitcoin’s Bull Cycle
Cardano (ADA) is potentially on the cusp of a breakout, according to crypto analyst Ali Martinez. Comparing ADA’s consolidation trend to a previous phase, Martinez suggests that ADA could break out as early as December. Meanwhile, Bitcoin (BTC) needs to close above $28,233 to reignite the bull run, based on the Warm Supply Realized Price indicator. Additionally, Martinez provides insights on using technical indicators like RSI and TD Sequential for trading Bitcoin and Ethereum.
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