Cardano’s ADA is Gaining Momentum
As a new month approaches, cryptocurrency investors are eyeing potential opportunities, with some focusing on bitcoin while others are looking towards altcoins like Cardano’s ADA, XRP, Shiba Inu, and Solana.
The Positive Sentiment for ADA
There is a mixed sentiment in the market, but many are optimistic about the potential for Cardano’s ADA, with analysts like Ali Charts making noteworthy observations.
Ali Charts has highlighted a key demand zone for Cardano between the $0.37 and $0.38 price levels, with a significant number of wallets holding ADA in this range.
Market Predictions for ADA
If ADA can sustain its position above this zone, it could potentially reach new yearly highs. However, caution is advised, as a loss of support could trigger a downward correction for ADA.
There are indications of a sell signal for ADA on the technical chart, which could lead to lower lows if selling pressure increases. The asset is currently trading at $0.37, but must close above $0.40 to advance positively.
Market Volatility and Trading Volume
Although ADA has lost over 2% of its hourly gains, the trading volume has surged by 28% in the last 24 hours, indicating increased market activity.
### News source: zycrypto.com