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Cardano: Potential Short-Term ADA Pullback Predicted by Analyst

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Sat, 9/12/2023 - 20:00
Cardano: Potential Short-Term ADA Pullback Predicted by Analyst
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Crypto analyst Ali Martinez has shared an ADA chart, saying that he expects this Cardano native coin to push a few candles down.

ADA may rebound before resuming uptrend

Martinez has noticed sell signals on three-day and one-day ADA/USD charts. He pointed out that it suggests a potential pullback that ADA may undertake, printing from one to four red candles.

The analyst warned his followers on Twitter/X to watch out for that one and added that this might just be a short-term rebound of ADA before it resumes its glorious uptrend started earlier.

Since Tuesday this week, the ADA price has increased by a staggering 59.67%, reaching $0.6362. A small decline, though, that followed, pushed ADA a tiny 2.45% down. At the time of this writing, the coin is changing hands at $0.6199 on Coinbase.

On Friday, Cardano soared to the $0.5 level, and the Cardano founder Charles Hoskinson tagged popular rapper 50 Cent in his tweet with his song “In Da Club” to say “We are both in the same club now.”

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Cardano scores new record in DeFi

As reported by U.Today earlier, Cardano has also reached a major milestone in the DeFi space. It has entered the top 10 list by total value locked (TVL), reaching a high of $343 million worth of ADA locked for profits.

Ethereum, Tron, Binance Chain, Arbitrum, Polygon, Optimism, Solana and Avalanche surpass Cardano by the size of their TVL so far as it sits on the last, 10th place of this list.

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