Top market analyst Ali Martinez has revealed that Cardano (ADA) might soon coast to its highest price level for the year, as it currently faces “minimal resistance.”
Martinez’s position hinges on the growing demand for Cardano, as shown by IntoTheBlock data. This data reveals that about 166,470 wallets acquired 4.88 billion ADA when the cryptocurrency traded in the $0.37 and $0.38 range.
#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
Despite the current consolidation in the broader market, Martinez foresees no resistance ahead for Cardano, a good omen toward potential price gains. Notably, ADA sees no significant supply wall that could serve as a strong resistance point to a rally.
Cardano’s Bullish Rebound Expected
At the moment, the 2.83% drop in the price of Cardano to $0.3848 makes a major discount that may further attract buyers into the network. With a high affinity to embrace coins at a discount, more wallets stacking up ADA may emerge in the coming days.
Despite the price falls, Martinez believes Cardano has formed solid support at the $0.38 mark, which is instrumental in charting an upward pathway.
The IntoTheBlock data shows that the supply wall at the $0.3823 and $0.3911 levels, where 136.69K addresses bought ADA, stands as the following line of resistance for the asset.
Martinez said if the bulls manage to defend the current support between $0.37 and $0.38, and the demand for ADA remains sustained, the coin’s price may print a new high for this year.
As it stands, the highest price Cardano has recorded this year is $0.4533, attained on April 16. The trading volume surge of 28.74% to $260,678,569 confirms the growing demand for ADA and the overall bullish thesis.
Cardano (ADA) and its Fundamental Strength
The ability to maintain a growing demand remains a major hurdle digital currencies must overcome to continually guarantee accumulation from retail and institutional investors.
Fortunately, Cardano has some new innovations packaged as upgrades, new products, and services that will continually help attract new buyers to ADA.
Cardano has maintained these new innovations over the past year. Recently, it welcomed an innovative Decentralized Exchange that can serve its users. Cardano has also boasted of its more advanced staking offering, and with Ethereum set to implement changes that Cardano made a while ago, it may attract a new crop of stakers in the near future.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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