Cardano Enters Key Demand Zone
Crypto analyst Ali Martinez has identified a key demand zone for Cardano (ADA) between $0.37 and $0.38. This zone is significant because it saw widespread accumulation, with 166,470 wallets purchasing around 4.88 billion ADA at these price levels. The substantial accumulation indicates strong support and suggests that the price is likely to hold up. Additionally, there is minimal resistance above this level, which could pave the way for ADA to reach new yearly highs.
Warning: Support Level Must Be Maintained
While the key demand zone offers support, falling below this level could have disastrous consequences for the price. Martinez warns investors to be cautious as losing this support level could trigger a brief correction to $0.34.
ADA Price Potential
The Cardano TD Sequential indicator has presented a sell signal on the weekly chart, indicating potential downside for ADA in the future. If the digital asset loses the previously identified support at $0.37, it could spiral towards $0.33 to $0.34 levels. However, a close above $0.4 would invalidate this bear signal and could lead to an advance towards $0.46.
Rebound Zone and Resistance Levels
Looking at the 4-hour chart, Martinez reveals that the 100-EMA has been a rebound zone for ADA, while $0.396 has acted as strong resistance. A buy signal from the TD Sequential indicator within this timeframe suggests another rebound is imminent. However, confirmation of the ADA trend direction requires a 4-hour candlestick close above the $0.396 resistance or below the 100-EMA.
Hot Take: Cardano’s Key Demand Zone Offers Support, but Losing It Could Be Disastrous
Crypto analyst Ali Martinez has highlighted Cardano’s key demand zone between $0.37 and $0.38, pointing out the significant accumulation and support in this region. While a breakout is likely, falling below this support level could trigger a correction to $0.34. The ADA price faces resistance at $0.4, but surpassing it would be bullish and could lead to an advance towards $0.46. The 100-EMA has acted as a rebound zone, with $0.396 as strong resistance. Monitoring candlestick closes above or below these levels can confirm the ADA trend direction.
By
By
By
By
By