Cardano

Market analyst Ali Charts has recently shared insights on the Cardano (ADA) market trajectory. Observing recent trends, ADA appears to be in a bearish phase. 
In the last 24 hours, mainly, the asset has witnessed a 2.8% decline, resulting in its trading price falling to $0.37. However, despite the current dip, Ali <a href="https://twitter.com/ali_charts/status/1729065108213535130?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">offers</a> an optimistic outlook, suggesting that Cardano may be gearing up for a <a href="https://www.newsbtc.com/altcoin/market-watch-these-5-altcoins-are-poised-for-breakouts/" target="_blank" rel="noopener ">significant price surge</a>, possibly reaching its highest point for the year. 
<h2 id="analyst-s-positive-outlook-on-ada-understanding-the-demand-zone">Analyst’s Positive Outlook On ADA: Understanding The Demand Zone</h2> 
In an X post uploaded earlier today, Ali shared his analysis on ADA, highlighting a crucial <a href="https://www.newsbtc.com/altcoin/whale-alert-big-players-scoop-up-these-4-altcoins/" target="_blank" rel="noopener ">demand zone</a> around the $0.37 and $0.38 marks. The analyst notes the substantial buying activity in this range, with over 166,470 wallets having purchased ADA at these levels. 
Ali states this robust demand indicates a strong support level at these price marks. With minimal resistance ahead, Ali’s analyst suggests that ADA could see <a href="https://www.newsbtc.com/news/cardano/history-repeats-cardano-ada-skyrocket-in-december-analyst/" target="_blank" rel="noopener ">an increase</a>, potentially surpassing its yearly high of $0.4518. 
Notably, while the analyst points out that the current buying trend at the demand zone is a positive indicator of ADA’s strength, the analyst also cautions investors to remain vigilant. A failure to maintain support in this zone could result in ADA’s price dropping to lower levels, such as $0.34. 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Cardano</a> sits at a key demand zone between $0.37 and $0.38. Here, 166,470 wallets acquired 4.88 billion <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$ADA</a>. 
 With minimal resistance ahead and solid support below, remaining above this zone could pave the way for <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$ADA</a> to climb to new yearly highs. Still, watch out, as losing… <a href="https://t.co/GDjhspFSVr" rel="nofollow">pic.twitter.com/GDjhspFSVr</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1729065108213535130?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">November 27, 2023</a>
</blockquote> 
<h2 id="cardano-ada-latest-price-action">Cardano (ADA) Latest Price Action</h2> 
Recently, ADA has experienced a downturn, with its value decreasing nearly 5% over the past week. This downward trend has continued in the last 24 hours, with a 2.5% decline, bringing its trading price to roughly $0.378. This price point is significant as it aligns with the strong support level identified by analyst Ali. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/bCbLm9Ny/" alt="Cardano (ADA) price chart on TradingView" width="2770" height="1496"> 
As highlighted above, according to Ali, a drop below this support level could potentially lead to a further decrease to around $0.34. Conversely, if ADA stabilizes or rebounds from this level, it may <a href="https://www.newsbtc.com/analysis/ada/cardano-ada-price-to-11/" target="_blank" rel="noopener ">set the stage</a> for a climb to new yearly highs. 
While ADA has faced a bearish phase recently, a broader perspective reveals a more positive outlook. Over the past month, ADA has <a href="https://www.newsbtc.com/news/cardano/cardano-ai-chatbot-beta-ada-price-uptick/" target="_blank" rel="noopener ">demonstrated a 29% increase</a>, and even considering the past two weeks, it maintains a 3.2% gain. 
Meanwhile, the asset’s daily trading volume has since been on a downward trend over the past weeks. In the past 24 hours, ADA’s daily trading volume has stood at $255 million, a significant plunge from over $600 million in the middle of this month. 
Featured image from Unsplash, Chart from TradingView

On The Brink Of Breakthrough? Analyst Foresees Cardano (ADA) Hitting New Annual Heights

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