Cardano (ADA) could see a significant price increase if it can break through a key supply level, according to crypto analyst Ali Martinez.
Resistance Level
Martinez points to the $0.54 to $0.56 price range as a major obstacle for ADA. This range represents a large number of addresses that purchased ADA, and these holders may be inclined to sell their tokens at break-even prices.
Potential Upside
If ADA can break through this resistance level, however, Martinez believes it could trigger a rally to $0.68, a gain of over 20%.
Descending Triangle Pattern
Martinez also notes that ADA has been forming a descending triangle chart pattern, which is generally considered a bearish signal. However, a breakout in the opposite direction, known as a reversal pattern, could be bullish.
Dogecoin Transaction Volume
Martinez also comments on Dogecoin (DOGE), noting that it has seen a decrease in transaction volume and whale transaction count, indicating lower trading activity. This could be a sign of reduced interest or confidence in the memecoin.
Disclaimer
FastPayCrypto reminds readers that opinions expressed on its platform are not investment advice and that investors should do their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets.
