By NewsBTC - 4 months ago - Reading Time: 2 minutes
On The Brink Of Breakthrough? Analyst Foresees Cardano (ADA) Hitting New Annual Heights
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.
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.
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
Original source: NewsBTC