On The Brink Of Breakthrough? Analyst Foresees Cardano (ADA) Hitting New Annual Heights
28 Novembre 2023 - 3:00AM
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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 offers an
optimistic outlook, suggesting that Cardano may be gearing up for a
significant price surge, possibly reaching its highest point for
the year. Related Reading: History Repeats? Cardano (ADA) Set To
Skyrocket In December, Predicts Analyst Analyst’s Positive Outlook
On ADA: Understanding The Demand Zone In an X post uploaded earlier
today, Ali shared his analysis on ADA, highlighting a crucial
demand zone 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 an increase, 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. #Cardano sits at a
key demand zone between $0.37 and $0.38. Here, 166,470 wallets
acquired 4.88 billion $ADA. With minimal resistance ahead and solid
support below, remaining above this zone could pave the way for
$ADA to climb to new yearly highs. Still, watch out, as losing…
pic.twitter.com/GDjhspFSVr — Ali (@ali_charts) November 27, 2023
Cardano (ADA) Latest Price Action 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. 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 set the stage 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 demonstrated a 29% increase, and even considering the past
two weeks, it maintains a 3.2% gain. Related Reading: Whale Alert:
Big Players Scoop Up These 4 Altcoins, On-Chain Data Indicates
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
Cardano (COIN:ADAUSD)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Cardano (COIN:ADAUSD)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024