😎 Summer Sale Exclusive - Up to 50% off AI-powered stock picks by InvestingProCLAIM SALE

Cardano: Potential Short-Term ADA Pullback Predicted by Analyst

Published 2023-12-09, 05:44 p/m
Cardano: Potential Short-Term ADA Pullback Predicted by Analyst
ADA/USD
-

U.Today - Crypto analyst Ali Martinez has shared an ADA chart, saying that he expects this to push a few candles down.

ADA may rebound before resuming uptrend

Martinez has noticed sell signals on three-day and one-day ADA/USD charts. He pointed out that it suggests a potential pullback that ADA may undertake, printing from one to four red candles.

The analyst warned his followers on Twitter/X to watch out for that one and added that this might just be a short-term rebound of ADA before it resumes its glorious uptrend started earlier.

Since Tuesday this week, the ADA price has increased by a staggering 59.67%, . A small decline, though, that followed, pushed ADA a tiny 2.45% down. At the time of this writing, the coin is changing hands at $0.6199 on Coinbase (NASDAQ:COIN).

On Friday, Cardano soared to the $0.5 level, and the Cardano founder Charles Hoskinson tagged in his tweet with his song “In Da Club” to say “We are both in the same club now.”

Cardano scores new record in DeFi

As reported by U.Today earlier, Cardano has also reached a major milestone in the DeFi space. It has entered the top 10 list by total value locked (TVL), worth of ADA locked for profits.

Ethereum, Tron, Binance Chain, Arbitrum, Polygon, Optimism, Solana and Avalanche surpass Cardano by the size of their TVL so far as it sits on the last, 10th place of this list.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.