Well-known financial analyst and trader Ali Martinez has declared that he expects a rise in two altcoins on his radar. Among the leading altcoins in the analyst’s focus are Cardano (ADA) and the second-largest memecoin Shiba Inu (SHIB).
According to the Analyst, Two Conditions Could Clear the Way for Cardano’s ADA
Starting his analysis with Cardano’s ADA, which is the seventh-largest altcoin by market value, Martinez told his followers on his personal X (formerly Twitter) account, “It seems to have no significant resistance barrier in sight. This suggests that the path is clear for ADA to rise.” According to the analyst, the key resistance levels for Cardano are $0.80 and $1, and once these are surpassed, ADA’s shine could be unleashed.
Citing data from the on-chain data platform IntoTheBlock, Martinez added that approximately 90.76% of investors who purchased the altcoin between $0.553 and $0.754 are in profit.
ADA is trading at $0.6154, down 3.23% in the last 24 hours at the time this article was prepared. The data indicates that the altcoin’s price has increased by 2.15% over the last 7 days and by 56.87% over the last 30 days.
Martinez Expects a Rise to $0.000014 for Shiba Inu
Following ADA, Martinez turned his attention to Shiba Inu’s SHIB, noting that the 17th-largest altcoin by market value has been trading within a falling channel for about 15 months. According to the analyst, Shiba Inu is currently attempting to break out of the descending parallel channel, and such a breakout could trigger a significant upward movement:
A strong weekly candle close above the $0.000011 level could indicate a bullish breakout pushing SHIB towards $0.000014. However, if the price turns back from here, we could face a pullback to $0.000008 before any upward movement.
According to current figures, SHIB has risen by 1.55% in the last 24 hours and is trading close to the level indicated by the analyst, at $0.00001.
