Ethereum

Cardano

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 A popular crypto analyst says Ethereum (ETH) challenger Cardano (ADA) may be approaching a long-awaited breakout moment.
 Ali Martinez tells his 31,100 followers on the social media platform X that ADA could move above the upper bound of an enduring consolidation range as early as December.
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 “Cardano’s current consolidation trend eerily mirrors the 2018-2020 phase! If history repeats, ADA could stay in this consolidation phase until July 2024. 
 Barring unforeseen events like the COVID-19 crash, ADA could break out as soon as December!”
 <figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" class="css-9pa8cd" draggable="true" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F8OSKb3W0AAMr6V?format=jpg&amp;name=4096x4096" alt="Image" width="2838" height="1515">
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 Source: Ali Martinez/X
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 Looking at his chart, the trader is looking for ADA to cross the $0.50 mark. If that happens before the end of the year, he believes it would likely surpass the $6 level by the end of 2024.
 ADA is trading for $0.24 at time of writing.
 The trader is also weighing in on Bitcoin (BTC). He says the crypto king needs to convincingly close above $28,233 to ignite a bull cycle. He bases the prediction on the Warm Supply Realized Price indicator, which comprises the less active component of the short-term holder supply, right through to the start of the long-term holder cohort.
 “Bitcoin Warm Supply Realized Price indicator suggests that the bull run will only reignite if BTC secures a sustained close above $28,233!”
 <figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" class="css-9pa8cd" draggable="true" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F8OM4BFWMAEd7w2?format=jpg&amp;name=medium" alt="Image" width="1199" height="675">
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 Source: Ali Martinez/X
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 Martinez is watching the Relative Strength Index (RSI), a momentum indicator that aims to determine if an asset is overbought or oversold.
 “Bitcoin: In the past month, the four-hour chart RSI has been the real MVP for spotting those local highs and lows! 
 The strategy is simple: buy BTC when RSI dips below 30.35. Sell BTC when RSI exceeds 74.21.
 Notice the RSI recently dropped below 30.35, signaling a potential buy-the-dip opportunity!”
 <figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" loading="lazy" class="css-9pa8cd" draggable="true" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F8JhOPYXkAAaGV6?format=jpg&amp;name=medium" alt="Image" width="1200" height="839">
 <figcaption class="wp-caption-text">
 Source: Ali Martinez/X
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 Next up, the trader says that the Tom DeMark (TD) Sequential indicator, which traces a series of price points to signal possible trend reversals, is suggesting Ethereum could soon bounce.
 “Ethereum is moving within a steady range. Interestingly, the TD Sequential presented a buy signal at the lower end of this range, suggesting ETH could rebound to $1,630. 
 But be cautious: if ETH closes below $1,530, the bullish outlook will be invalidated.”
 Ethereum is trading for $1,536 at time of writing.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/here-s-when-ethereum-competitor-cardano-may-witness-long-awaited-breakout-according-to-crypto-trader-tbt66252.html">https://thebittimes.com/here-s-when-ethereum-competitor-cardano-may-witness-long-awaited-breakout-according-to-crypto-trader-tbt66252.html</a>

Here’s When Ethereum Competitor Cardano May Witness Long-Awaited Breakout, According to Crypto Trader

TheBitTimes

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