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HomeNewsCardano's ADA: A Billion-Dollar Bet on 2023 Price Soaring

Cardano’s ADA: A Billion-Dollar Bet on 2023 Price Soaring

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  • Crypto analyst Ali Martinez identifies a critical demand zone for Cardano (ADA), with over $1.8 billion worth of ADA accumulated, suggesting potential for new yearly highs.
  • Martinez highlights a sell signal on ADA’s weekly chart via the Tom DeMark (TD) Sequential indicator but also notes a short-term bullish signal in the four-hour chart.

Cardano in a Pivotal Demand Zone

Cardano (ADA), a notable Ethereum competitor, finds itself in what crypto analyst Ali Martinez refers to as a

“key demand zone.”

According to Martinez, this zone is critical as 166,470 wallets have acquired approximately 4.88 billion ADA, valued at over $1.85 billion, while the asset traded between $0.37 and $0.38.

Potential for New Yearly Highs

Martinez, sharing insights with his 33,800 social media followers, suggests that Cardano’s position above this demand zone, coupled with minimal resistance ahead and robust support below, could facilitate ADA‘s climb to new highs in 2023. However, he cautions that a break below this support level might lead to a temporary correction to around $0.34.

Analyzing ADA with the TD Sequential Indicator

The TD Sequential indicator, utilized for predicting potential trend reversals based on the closing prices of the last 13 bars or candles, has presented a sell signal on ADA’s weekly chart. This indication typically suggests a possible shift in the asset’s trend direction. Martinez elaborates that losing the $0.37 support level could prompt a correction towards $0.34 or $0.33, and that a closing price above $0.40 would be needed for ADA to progress towards $0.46.

Short-Term Bullish Signal

In contrast, Martinez observes a short-term bullish signal for ADA in the four-hour chart. The 100-EMA (exponential moving average) has been acting as a rebound zone, with the $0.396 level serving as significant resistance. The TD Sequential now shows a buy signal in this timeframe around the 100-EMA, hinting at another potential rebound. Martinez advises investors to watch for a four-hour candlestick close above the $0.396 resistance or below the 100-EMA to confirm ADA’s trend direction.

Conclusion

As Cardano’s ADA trades at $0.381 at the time of writing, the analysis by Ali Martinez underscores a complex and dynamic situation. The substantial accumulation of ADA at current levels, combined with various technical indicators, suggests that the asset is at a pivotal juncture, with the potential for significant price movements in the near future.

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Marcel Knobloch
Marcel Knobloch
Marcel is the managing partner of ETHNews and is also known as Collin Brown in the crypto community. He is a seasoned Bitcoin investor who entered the crypto scene during its early stages and has since become a veteran trader in both the cryptocurrency and forex markets. His journey began in 2012 when he made his first investment in Bitcoin, marking the beginning of his deep-rooted passion for blockchain technology and digital assets. With a mission to demystify the intricacies of blockchain for the masses, Marcel endeavors to bring the world of cryptocurrencies closer to everyone. His insightful reports are dedicated to shedding light on the latest developments and innovations within the realms of Bitcoin, Ethereum, Ripple (XRP), IOTA, VeChain, Cardano, Hedera, and numerous other cryptocurrencies. Marcel's in-depth analysis and commitment to providing accessible information make him a trusted source for both novice and experienced crypto enthusiasts. Marcel's academic background includes a Master's Degree in Business Education, which has equipped him with a solid foundation in financial markets and investment strategies. Over the past decade, he has amassed invaluable experience working with various startups across the globe, enriching his knowledge and understanding of the ever-evolving cryptocurrency landscape. With his wealth of expertise and dedication to empowering others with crypto knowledge, Marcel continues to be a driving force in the cryptocurrency community. Business Email: marcel.knobloch@hotmail.com Phone: +49 160 92211628
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