Leading altcoin Ethereum rival Cardano (ADA) has seen many buyers around $0.92, which could trigger a bullish impulse.
Altcoin heading for $1 or below $0.80?
Analysts think Cardano is trading at a vital support level that is attracting many buyers and as long as it continues to hold, ADA has a chance to bounce back to $1. According to analysts, the altcoin is holding above a key demand zone as buy signals are starting to appear.
ADA has retraced more than 26.5% over the past two weeks. The increase in profit taking came after prices hit $1.25 on April 4, after which Cardano dropped to $0.92. The Tier-1 platform, which competes with altcoin projects such as Ethereum (ETH) and Solana (SOL), is now consolidating around this price point, indicating that a bullish impulse may continue, according to analysts.
Source: TradingView With signals correcting more than 25 times, the Tom DeMark (TD) Sequential indicator gave a buy signal on ADA’s daily chart. You can take a look at the signals of the indicator, which we have included in the news of Kriptokoin.com, from this article. Analysts evaluate the altcoin price as follows:
The bullish pattern developed as a red nine candlestick, which is indicative of a bullish one- to four-day candlestick. Increasing pressure around current price levels could help confirm the optimistic outlook and push Cardano towards $1.
Analyst states that the trading history shows that Cardano has established a strong foothold around $0.92. According to IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, more than 44,790 addresses have previously purchased approximately 6.8 billion ADA at this price level. According to analysts, the important demand zone can help confirm the bullish thesis by preventing prices from falling.
However, analysts remind that the bullish impulse around current price levels may face stiff resistance at $1, where 241,000 addresses hold approximately 4 billion ADA. On the other hand, above this hurdle, a daily candlestick could reach higher highs.
Source: IntoTheBlock Cardano should avoid a daily close below $0.92, analysts say, because in this case, it could cause investors to exit long positions. If this support level is breached, ADA could face a sell-off that sends it to $0.80 or lower.
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