Cardano (ADA) Positioned for Potential Upside as Support Holds in Key Demand Zone

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This summary text is fully AI-generated and may therefore contain errors or be incomplete.

Cardano (ADA), a competitor to Ethereum (ETH), is currently in a “key demand zone,” according to crypto analyst Ali Martinez. With over 166,470 wallets acquiring 4.88 billion ADA, worth more than $1.85 billion, while trading between $0.37-0.38, ADA has found solid support in this range. Martinez suggests that remaining above this zone could lead to ADA climbing to new yearly highs. However, losing this support level could trigger a brief correction to $0.34. The Tom DeMark (TD) Sequential indicator on ADA’s weekly chart has presented a sell signal, indicating a potential trend reversal. Martinez explains that losing the $0.37 support level could trigger a correction towards $0.34 or $0.33, while closing above $0.40 would pave the way for ADA to advance towards $0.46. On the four-hour chart, the 100-EMA has acted as a rebound zone for ADA, with the $0.396 level serving as a strong resistance. The TD Sequential indicator is now flashing a short-term bullish signal, suggesting another rebound. However, confirmation of the ADA trend direction requires a four-hour candlestick close above the $0.396 resistance or below the 100-EMA. At the time of writing, ADA is trading at $0.381.

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