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After a sharp decline in the first half of January, ADA regained momentum on January 20, indicating a rise for most of February, with a 22.56% increase in value since January 23. Indeed, Cardano has seen remarkable growth in recent months, one of the best examples being the rapid increase in smart contracts on the blockchain.
ADA Price Outlook
The two price drops in the early and middle days of January (after the ETF decision) undoubtedly had a negative impact on the cryptocurrency world. Considering that Cardano has shown a total decrease of 6.49% since the beginning of the year, the recovery in the last 30 days has been equally strong.
Specifically for Cardano, ADA price experienced a significant recovery of 22.56% in the ongoing 30 days, and at the time of writing, the ADA price was at 0.5831.
Despite the strong upward trend in recent days, a drop in Cardano’s price in the last 24 hours on February 23 was notable, showing a 1.33% decrease for ADA. On the other hand, according to an analysis by a famous cryptocurrency analyst, a larger drop may be on the horizon for ADA.
Analyst Comments on Cardano (ADA)
In the cryptocurrency world, Ali Martinez, who has been frequently mentioned recently, emphasized in his post on February 23 that when the TD Sequential technical indicator is used on Cardano’s 3-day chart, the future for ADA could change with a major sale and correction.
TD Sequential indicator shows a sell signal on the #Cardano 3-day chart. It’s important to note that ADA experienced a price correction the last two times this indicator signaled a downturn!
Briefly discussing the TD Sequential, it is defined as a technical analysis tool introduced by Tom DeMark in 1994, which is based on the past price performance of an asset and seeks to predict whether an exciting trend will form or reverse, looking for potential formations that may occur.
Despite Martinez’s comment, whether Cardano will actually undergo a correction or gain enough momentum to strengthen its upward outlook will be better understood by following the price movements over the weekend.
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