Ethereum (ETH) rival Cardano (ADA) could soar by more than 20% if it clearly breaks through a key supply level, according to a prominent cryptocurrency trader.
Cryptocurrency analyst Ali Martinez says Nearly 45,000 followers on social media platform
According to Martinez, nearly 50,000 addresses purchased about 2 billion ADA between these price ranges, suggesting that holders could sell their Cardano assets to get out at a break-even price.
However, traders note that Cardano could see an upside if the ADA bulls clear the bulk supply levels.
“Overcoming this resistance could lead to a bullish move towards $0.68!”
ADA is trading around $0.558 at the time of this writing. The ninth-largest cryptocurrency asset by market capitalization is up more than 3% in the last 24 hours.
Last week, Martinez predicted that the price of ADA could rise based on the cryptocurrency’s descending triangle chart pattern.
A descending triangle is generally a continuation pattern of an established downtrend and is considered a bearish signal, while a breakout in the opposite direction, known as a reversal pattern, is a bullish signal.
Martinez says:
“A daily close above $0.53 could trigger a 32% rally, potentially $ADA Up to $0.68!”
Martinez also noted that top memecoin Dogecoin (DOGE) has seen a decrease in trading volume and number of whale trades, which generally indicates low trading activity.
“This could be a sign that interest in or trust in DOGE is decreasing, leading to fewer people buying, selling or transferring DOGE!”
As of this writing, DOGE is worth $0.082.
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