Cardano (ADA) has been trading below $0.60 after a TD Sequential indicator signaled a sell. According to crypto analyst Ali, this indicator has previously predicted downward trends for ADA. However, ADA is still aiming for the psychological $1 level.
On Saturday afternoon, Cardano’s price was around $0.60, showing a 1.3% increase in the last 24 hours. However, with the price dropping below this level, there is a possibility of further declines due to the current correction in the broader crypto market.
Analyst Ali pointed out a sell signal on Cardano’s 3-day chart through a TD Sequential indicator on February 23. This indicator helps traders identify potential reversal points in an asset’s market trend, providing buy or sell signals. According to Ali, Cardano has experienced price corrections in the past when this indicator has flashed bearish.
The chart shared by the analyst shows that Cardano reached a high of $0.63 on February 20, but it could drop to the support level at $0.50 if the bulls fail to hold above $0.57. The next major support area could be at $0.45. However, if the sell signal is invalidated, buyers may target the intraweek highs. Resistance levels above $0.60 could be at mid-December highs of $0.66, and if ADA surpasses this level, it could reach the psychological $1 mark.
In conclusion, while Cardano faces a potential correction, it still has the potential to reach new highs if the bulls take control. The current market trend and broader crypto market conditions will play a significant role in determining ADA’s future price movements.
