- Cardano (ADA) experienced a 2.8% decline, trading at $0.37.
- Analyst Ali Charts suggests ADA might be poised for a significant price surge, with a strong support level around $0.37 and $0.38.
Market analyst Ali Charts has recently provided insights into the Cardano (ADA) market, signalling a bearish phase in the short term. Over the past 24 hours, ADA has experienced a 2.8% decline, pushing its trading price to $0.37. Despite this dip, Ali Charts offers an optimistic perspective, hinting at the potential for Cardano to achieve its highest point for the year.
Ali’s analysis centres on a key demand zone encompassing the $0.37 and $0.38 price levels. Within this range, over 166,470 wallets have acquired ADA, indicating substantial buying activity. This robust demand establishes a strong support level in Ali’s view. With limited resistance on the horizon, Ali suggests that ADA may have the opportunity to surpass its yearly high of $0.4518.
Analyst’s Positive Outlook On ADA: Understanding The Demand Zone
However, Ali also issued a cautionary note to investors. While the current buying trend in the demand zone is a positive indicator of ADA’s strength, failure to maintain support in this zone could lead to a price drop, potentially down to $0.34.
In terms of recent price action, ADA has encountered a short-term downturn, with a nearly 5% decrease over the past week. This downward trajectory has continued in the last 24 hours, resulting in a 2.5% decline and a trading price of approximately $0.378. This price level aligns with the strong support identified by analyst Ali.
According to Ali, a breach below this support level could potentially trigger a further decline to around $0.34. Conversely, if ADA stabilizes or rebounds from this point, it could pave the way for an ascent to new yearly highs.
Taking a broader perspective, ADA has exhibited positive performance. Over the past month, ADA has shown a 29% increase, and even over the past two weeks, it maintains a 3.2% gain.
However, ADA’s daily trading volume has seen a decrease in recent weeks. In the past 24 hours, the daily trading volume for ADA stands at $255 million, a significant drop from the levels seen earlier in the month when it exceeded $600 million.
