Over the past month, Cardano (ADA) has witnessed a significant surge, aligning with the broader momentum in the crypto market. This rise is fueled partly by Bitcoin’s dominance in the rally, amid mounting expectations of US regulators greenlighting a spot BTC exchange-traded fund (ETF).
Further boosting ADA’s price was the Cardano Summit 2023, a notable crypto event in November, along with Cardano founder Charles Hoskinson’s recent announcement about plans for a fully decentralized governance structure.
ADA’s To Hold Crucial Price Range
Renowned crypto analyst Ali Martinez points out that Cardano currently resides in the $0.37 – $0.38 range, marking the token’s key demand zone. Within this range, 166,470 crypto wallets have acquired 4.88 billion ADA.
Martinez emphasizes that maintaining this position, with its weak resistance and robust support, could pave the way for ADA to reach new yearly highs.
On the flip side, Martinez warns that losing the $0.37 level as support might trigger a correction toward $0.34 or $0.33. To make strides toward $0.46, ADA must close above $0.40.
Martinez even highlights the Tom DeMark (TD) Sequential indicator’s sell signal on ADA’s weekly chart, a tool used by traders to predict potential trend reversals based on the closing prices of the 13 previous bars or candles.
ADA to Hit $1.80
Adding to the positive outlook, pseudonymous cryptocurrency analyst CoinsKid suggests that Cardano might be gearing up for a significant move to $0.7497 and eventually $1.80 – two price points representing key areas of untapped resistance.
the crypto community awaits ADA’s next moves as it navigates this crucial price range. With more than 70% of wallets in a profitable position, the market sentiment remains positive.
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