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Popular crypto analyst Ali Martinez has just dropped a new outlook on one of the biggest cryptocurrencies, Cardano (ADA), and the first impression by the looks of it is make it or break it. Perhaps that is the phrase that best describes what's going on with the ADA price right now.
As Martinez points out, Cardano is stuck. There is, however, an exit if the price of the ADA coin starts to move, and there are actually two of them. The trigger for the move could be a break above the $0.77 level, which is the upper boundary of the channel.
Tomiwabold OlajideIn a parallel universe, the price of Cardano risks losing the $0.69 level, which is an important resistance, and triggering a major move, but to the south - a move more eloquently known as a breakdown.
It is not that Cardano is stuck in the channel, but rather it is stuck between two options - whether out or down is unknown. Make it up to the $0.80s and beyond, or break it below the $0.70s.
If one tries to find the solution for ADA in areas other than just technical analysis, it could be in a fundamental sphere such as the news or maybe, just maybe, the approval of the Cardano ETF. It has been a long time since the market has heard anything about the ADA ETF, but there are definitely steps being taken in that direction.
It is just that all the moves in that direction have gotten stuck, especially in the finer regulatory points. Stuck, just like the price of the Cardano token got stuck in the channel with only two options available to it.
Vladislav Sopov
Dan Burgin