Cardano

Rally

Crypto analyst Ali Martinez has pointed out that <a href="https://bitcoinist.com/cardano-founder-binance-ceo-exit/">Cardano (ADA)</a> has entered into a key demand zone, a development that could bode good news for the price. According to the analysis, this key demand zone currently lies between $0.37 and $0.38, making a breakout likely. 
<h2 class="p2" id="cardano-key-demand-zone">Cardano Key Demand Zone</h2> 
In the <a href="https://x.com/ali_charts/status/1729065108213535130?s=20" rel="nofollow" target="_blank">chart</a> shared by Ali, he points out that the key demand zone is between $0.37 and $0.38 mainly because of the widespread accumulation that took place in this region. A total of 166,470 wallets had purchased around 4.88 billion ADA at these price levels, making it their entry price. 
This massive accumulation at these levels also means that investors have registered significant support here as well, which would serve to hold the price up. Additionally, Ali points out that resistance above this level is also minimal. “With minimal resistance ahead and solid support below, remaining above this zone could pave the way for $ADA to climb to new yearly highs,” Ali said. 
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-266734 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2023/11/Cardano.jpeg?w=640&amp;resize=640%2C232" alt="Cardano" width="640" height="232" srcset="https://bitcoinist.com/wp-content/uploads/2023/11/Cardano.jpeg?w=2336 2336w, https://bitcoinist.com/wp-content/uploads/2023/11/Cardano.jpeg?w=640&amp;resize=640%2C232 640w, https://bitcoinist.com/wp-content/uploads/2023/11/Cardano.jpeg?w=768 768w, https://bitcoinist.com/wp-content/uploads/2023/11/Cardano.jpeg?w=980 980w, https://bitcoinist.com/wp-content/uploads/2023/11/Cardano.jpeg?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2023/11/Cardano.jpeg?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2023/11/Cardano.jpeg?w=750 750w, https://bitcoinist.com/wp-content/uploads/2023/11/Cardano.jpeg?w=1140 1140w" sizes="(max-width: 640px) 100vw, 640px" data-recalc-dims="1"> 
However, the analyst also warns investors to be careful of this level because despite there being a lot of support, falling below this level could prove disastrous for the price. “Still, watch out, as losing this support level could trigger a brief correction to $0.34,” he warned. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/qrXstKWg/" alt="ADA price chart from Tradingview.com (Cardano crypto analyst)" width="2650" height="1530"> 
<h2 class="p2" id="ada-price-could-barrel-toward-0-46">ADA Price Could Barrel Toward $0.46</h2> 
In another <a href="https://x.com/ali_charts/status/1729134437462622580?s=20" rel="nofollow" target="_blank">post</a>, the crypto analyst revealed that the <a href="https://bitcoinist.com/cardano-ada-highest-profitability/">Cardano TD Sequential indicator</a> had presented a sell signal on the weekly chart. Like with any asset, this can point toward more downside in the future of the asset. This is even more threatening if the digital asset were to lose the previously identified support at $0.37. As the analyst points out, a fall below this support could send the <a href="https://bitcoinist.com/cardano-ada-highest-profitability/">ADA price</a> spiraling toward the $0.33 to $0.34 levels. 
However, this bear signal could be invalidated if there was a close above $0.4. Since the <a href="https://bitcoinist.com/cardano-ada-price-explode/">ADA price</a> has had a hard time beating this resistance, a close above it would be very bullish and could begin an “advance toward $0.46!” 
Looking at the 4-hour chart, the analyst <a href="https://x.com/ali_charts/status/1729187783028219939?s=20" rel="nofollow" target="_blank">reveals</a> that the 100-EMA has been the rebound zone for the digital. On the other side of this, $0.396 has been a level of stiff resistance. “The TD Sequential now presents a buy signal within this time frame around the 100-EMA, anticipating another rebound,” the analyst posits. 
“However, you must pay attention to a 4-hour candlestick close above the $0.396 resistance or below the 100-EMA to confirm the direction of #ADA trend,” Ali said in closing.

Cardano Enters Key Demand Zone, Why ADA Price Could Rally To $0.46

Table of Contents

Bitcoinist

Other articles published on Nov 28, 2023

SEC Intensifies Probe into Binance US Amid DOJ Charges Against Changpeng Zhao

Bitcoin Surges Amidst Bullish Market Predictions

Chinese AI Giant SenseTime Faces Accusations of Inflated Revenue

Binance's New CEO Meets Khabib and Ronaldo, Major XRP Dev Hints at Mastercard Integration in Wall...

Cryptos on the Rise: Tracking the Momentum of Ethereum, Cardano, and VC Spectra

Tezos: A Self-Amending Platform for Smart Contracts and Dapps

Join our free newsletter for daily crypto updates!