Analyst Suggests a Possible Cardano (ADA) Slowdown

The Cardano (ADA) cryptocurrency could face a potential slowdown in its price. Renowned cryptocurrency expert Ali Martinez recently warned investors and cryptocurrency enthusiasts about the possibility of a price drop.

The analyst based his analysis on an indicator that is currently suggesting a sell signal on the Cardano chart, highlighting that, on two other occasions that the signal was validated, the cryptocurrency showed a drop in its price.

“The TD Sequential indicator shows a sell signal on the Cardano 3-day chart. It is important to note that the last two times this indicator signaled bearishness, $ADA suffered a price correction!”, he wrote.

The TD Sequential indicator shows a sell signal on the #Cardano 3-day chart. It’s important to note that the last two times this indicator signaled bearish, $ADA experienced a price correction!

If you’re planning to join me in this trade, go to @coinexcomand sign up using my… pic.twitter.com/huu01fFcrL

— Ali (@ali_charts) February 23, 2024

At the time of publication, Cardano’s price was quoted at US$0.582 with an increase of 2.1% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$418,496,053. Over the last seven days, the asset’s price has fallen by 3.6%.

Cardano (ADA) Bull Run Towards $8

Renowned cryptocurrency analyst Ali Martinez recently provided a very bullish prediction for the price of the Cardano (ADA) cryptocurrency. For the expert, the breakout of the ADA cryptocurrency could happen sooner than the community expects.

In his forecast, the analyst highlighted the potential for Cardano to enter a bull run towards the $8 price level in January next year.

“Cardano breakout could happen sooner than expected! Still, if history repeats itself, we expect $ADA to rise to $0.80, back to $0.60 and then enter a bull run towards $8 in January 2025!” he wrote.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.