Expert Analyst Sets Target Levels for XRP and Cardano

Crypto analyst Ali Martinez shared technical levels that users should closely monitor for $XRP and Cardano ($ADA). According to Martinez, $XRP is on the verge of a significant breakout in the short term, while on the Cardano side, the decline in futures demand and whale selling indicate that the risk of a correction continues.

Martinez stated that $XRP has developed a symmetrical triangle formation on the hourly chart. According to the analyst, the most critical level in the current outlook is $1.54. Martinez indicated that if $XRP closes above $1.54 on the hourly chart, an upward breakout from the formation could be confirmed, and in such a scenario, the price could rise by approximately 10 percent to the $1.70 region.

On the Cardano side, a more cautious picture emerges. Martinez pointed out that demand in the $ADA futures market has weakened. Cardano’s open interest size has fallen by 9 percent in the last week, from $1.99 billion to $1.81 billion. According to the analyst, this indicates that investors are beginning to reduce their leveraged $ADA positions.

The actions of large investors also indicate increased selling pressure. According to data shared by Martinez, whales have sold approximately 90 million $ADA since September 20th. The value of these tokens is approximately $22.5 million.

Technical indicators also suggest, according to the analyst, that the correction in Cardano may not be complete yet. On the daily chart of $ADA, the price fell by approximately 10% after a Tom DeMark Sequential sell signal was generated on September 26th.

Martinez stated that, according to the parallel channel structure on the daily chart, the $0.24 level is a critical mid-band support for Cardano. He indicated that a drop below this level could lead to a further decline towards the lower boundary of the channel, approximately $0.21. According to the analyst, if the $0.21 support holds, this area could create a new bullish signal, and the price could target the upper boundary of the channel again, around $0.28.

*This is not investment advice.