Cardano Could Print New 2023 ATH – More Than $1,800,000,000 in ADA Accumulation

Cardano could reportedly print new ATH and we also see a huge accumulation in ADA coins these days. Check out the latest reports about the matter below.

Cardano to see new 2023 highs

According to crypto analyst Ali Martinez, Cardano (ADA) – a rival to Ethereum (ETH) – is currently positioned in a “key demand zone”.

Martinez shared with his 33,800 followers on social media platform, X, that over 166,470 wallets have acquired more than $1.85 billion worth of 4.88 billion ADA while the asset has been trading between $0.37-0.38.

“With minimal resistance ahead and solid support below, remaining above this zone could pave the way for ADA to climb to new yearly highs. Still, watch out, as losing this support level could trigger a brief correction to $0.34.”

According to Martinez, the TD Sequential indicator on ADA’s weekly chart presented a sell signal. The TD Sequential indicator is commonly used by traders to anticipate potential trend changes based on the closing prices of the preceding 13 bars or candles.

The analyst said the following:

“Losing the $0.37 level as support could trigger a correction toward $0.34 or $0.33. ADA must close above $0.40 to advance toward $0.46!”

He continued and pointed out:

“Look how the 100-EMA (exponential moving average) on the four-hour chart has acted as a rebound zone for ADA while the $0.396 level acts as a stiff resistance.

The TD Sequential now presents a buy signal within this time frame around the 100-EMA, anticipating another rebound. However, you must pay attention to a four-hour candlestick close above the $0.396 resistance or below the 100-EMA to confirm the direction of ADA trend.”

Ali Martinez has also recently informed his 32,800 X social media followers that the current consolidation trend for ADA is reminiscent of the asset’s 2018-2020 phase, especially when the COVID-19 price crash of 2020 is excluded.

“If so, ADA could break through the $0.45 resistance around the first week of December. The upswing could send ADA to $0.75 by late December.”