- Ali Martinez revealed that a descending triangle has formed on ADA’s 30 minute chart.
- The analyst predicted that ADA could soon surge to $0.70.
- Martinez added that ADA’s bullish momentum will be dampened if it shows weakness around $0.613.
Ali Martinez, a renowned cryptocurrency trader and analyst, revealed in an X post yesterday that a descending triangle has formed on the thirty minute chart for Cardano (ADA). Although this is a bearish pattern, the analyst predicted that it could lead to ADA soaring to $0.700 if it manages to sustain a position above $0.638.
#Cardano is forming a descending triangle on the lower time frames. A sustained close above $0.638 could trigger a bullish breakout, potentially propelling $ADA toward $0.700.However, keep a close eye on the $0.613 support. Any weakness at this level could dampen the #ADA… pic.twitter.com/Z1FRNRXdQm
— Ali (@ali_charts) December 15, 2023
Martinez did, however, urge traders to keep a close eye on the $0.613 support level. ADA showing any signs of weakness at this level may “dampen” ADA’s bullish momentum, added the analyst.
Over the past 24 hours, ADA was trading slightly below the key…
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