Analyst Says Cardano (ADA) Could Be Due for Another Pullback. Here’s why
Main Idea
Analyst Ali Martinez suggests Cardano (ADA) may be due for a pullback based on the TD Sequential indicator, despite its recent upward trend.
Key Points
1. Cardano (ADA) has been on a steady upward trend, recently reclaiming the $0.74 mark.
2. The TD Sequential indicator, used to anticipate trend exhaustion, has triggered a sell signal for ADA.
3. The same indicator previously marked a significant drop in ADA's price from over $0.7 to around $0.51 in under two weeks.
4. At the time of the chart’s publication, ADA was trading around $0.7378, with some market participants remaining confident in its continued climb.
5. Martinez noted ADA’s similarity to its 2021 bull run, which led to its all-time high of $3.1, suggesting potential for similar gains if it avoids a bearish turn.
Description
Cardano (ADA) has been on a steady upward trend, recently reclaiming the $0.74 area after a series of strong sessions. However, a new development on the 4-hour chart has introduced a note of caution for traders closely monitoring the asset’s short-term trajectory. Prominent crypto analyst Ali Martinez (@ali_charts) shared a chart on X showing that ADA may be approaching a local top. According to the chart, the TD Sequential indicator , commonly used to anticipate potential trend exhaustion, has ...
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