Trader Anticipates Cardano’s Surge to New Heights in 2023 Amidst $1.8 Billion ADA Accumulation
Cardano (ADA), a competitor to Ethereum (ETH), currently resides in a crucial demand zone, according to crypto analyst Ali Martinez.
With 166,470 wallets accumulating over 4.88 billion ADA, valued at more than $1.85 billion, within the $0.37-0.38 trading range, ADA appears poised for potential upward movement. Martinez, addressing his 33,800 followers on X, suggests that maintaining the current support level could propel ADA to new yearly highs, emphasizing the importance of watching for any dip below $0.37, which might trigger a brief correction to $0.34.
Despite the Tom DeMark Sequential indicator signaling a potential sell on ADA’s weekly chart, Martinez points to a short-term bullish signal, highlighting the 100-EMA on the four-hour chart as a rebound zone and advising vigilance for a confirmed trend direction based on a candlestick close above the $0.396 resistance or below the 100-EMA.
Clever Robot News Desk 30th November 2023
