cardano (ADA) has become one of the most popular names in the cryptocurrency market in recent times. However, ADA got its share from the market pullback. So what could happen for the leading altcoin in the coming days? Here are analyst Ali Martinez’s views on the subject.
According to Ali Martinez ISLANDThe current correction is actually a bullish retest before hitting the target of an inverse head and shoulders pattern on April 19. can.
A reversal head and shoulders is a pattern that usually signals an uptrend reversal. The Cardano price chart shows that the digital asset is in the process of completing this formation and if it does, the price could potentially go higher in the coming weeks.
However, ADA’s bullish outlook remains unconfirmed. The 200 EMA on the daily chart of $0.39 is still pretty critical, which the altcoin must hold to maintain its upside momentum. A break below this critical support level could signal a shift in market sentiment, potentially leading to a bearish bias for ADA.
#Cardano | The recent correction looks like a bullish retest before $ADA reaches the target of this inverse head & shoulders formation.
Still, the 200EMA on the daily chart at $0.39 must hold #ISLAND for the bullish outlook to remain valid. pic.twitter.com/AxNoKUJLCS
NEWS CONTINUES BELOW— Ali (@ali_charts) April 19, 2023
In addition to some positive developments, GitHub is also at the top of its development activities. As of April 20, it has made a total of 661 developments, surpassing other leading blockchain projects.
GitHub Daily Development Activity:
#1: 661 Cardano
#2: 641 Polkadot / Kusama
#3: 510 Cosmos
#4: 490 Hedera
#5: 483 Status
#6: 473 Internet Computers
#7: 466 Ethereum
#8: 455 Vega Protocol
#9: 425 Aptos
#10: 351 ChainLink pic.twitter.com/sNTqXI1vYL— ProofofGitHub (@ProofofGitHub) April 20, 2023
If the bullish momentum maintains the outlook and triggers a rise in price, $0.50 levels are possible in the first stage. Cardano is trading at $0.4185, up 0.73% in the last 24 hours and up 2.09% over the previous week.
You can follow the current price action here.