Cardano’s ADA Approaches Critical Level with Analyst Predicting Potential Correction

10:27 pm
February 24, 2024
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Cardano’s cryptocurrency ADA is currently hovering near the $0.60 mark, showing a 1.3% increase in the past 24 hours. However, recent market movements suggest a possible correction, with the price dipping below this key level.

Analyst Anticipates Correction for ADA

A notable sell signal known as the TD Sequential indicator has emerged on Cardano’s 3-day chart according to crypto analyst Ali’s analysis as of February 23. The TD Sequential indicator assists traders in identifying potential reversal points in an asset’s market trend, providing crucial buy or sell signals. Previous instances have shown that ADA’s price tended to correct after similar bearish signals were triggered by this indicator.

Cardano recently peaked at $0.63 on February 20, and it could potentially retreat to support levels around $0.50 if the current levels around $0.57 are not sustained. In case of a reversal of the sell signal, buyers might target higher levels, with potential resistance levels lying above $0.60 and reaching up to the mid-December highs of $0.66. Further upward movement could lead ADA towards the psychological milestone of $1.

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Source: Coinjournal

FAQs

What is the TD Sequential indicator?

The TD Sequential indicator is a tool that helps traders pinpoint potential reversal points in an asset’s market trend, thus providing buy or sell signals based on the pattern it identifies.

How does the TD Sequential indicator affect Cardano’s price?

Instances in the past have shown that when the TD Sequential indicator flashes bearish signals for Cardano, the price has often experienced corrections downward.

What are the potential support and resistance levels for ADA?

If ADA fails to maintain levels around $0.57, it could find support at $0.50 and further around $0.45. On the other hand, if buyers invalidate the sell signal, resistance levels may be encountered above $0.60, with a potential high at $0.66 before aiming for the psychological barrier of $1.


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