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Ali Martinez, one of the well-known analysts in the cryptocurrency world, evaluated the popular altcoin Cardano (ADA) in his latest post.
According to the analyst, the TD Sequential indicator, which correctly predicted the top in Cardano, is currently giving a bullish sign on ADA's daily chart. Martinez said the indicator is forecasting a one- to four-day daily candle rebound that could represent the end of ADA's correction phase.
ADA price is trading at $0.45 at the time of writing this article and has increased by 2.74% in the last 24 hours. However, the price of ADA, which is the 9th largest altcoin in the world, has decreased by 22.5% in the last month. ADA's market capitalization currently stands at $16.2 billion.
In addition, touching on the Bitcoin price, the analyst claimed that the TD Sequential indicator also gave a bull sign on Bitcoin's daily chart. According to the analyst, this indicator for BTC again signaled a rebound on the one to four-day candle.
The TD Sequential indicator is known as a technical analysis tool developed by Tom DeMark. Designed to identify trend extinctions and potential price reversals in financial markets. This indicator works on the principle that prices tend to move in certain patterns before reversing or continuing in the same direction.
*This is not investment advice.