Crypto analyst Ali Martinez has identified a potential bullish trend for Cardano, following a significant shift in the SuperTrend signal on its daily chart. This development comes as large ADA wallets are reported to hold a record share of the cryptocurrency's supply, suggesting a strong accumulation phase among major investors. The publication demonstrates positive momentum in the developments.
SuperTrend Signal Flips Bullish
Martinez noted that the SuperTrend signal has flipped bullish after a prolonged decline, which he considers a reliable indicator for tracking Cardano's price movements. He recalled that the same indicator had previously issued a sell signal in September 2022, leading to a substantial 73% drop in ADA's value. With the current bullish signal, he predicts a potential surge towards the 0.33 resistance zone, with a secondary target of 0.42 if the upward momentum persists.
On-Chain Data Insights
Additionally, on-chain data from Santiment reveals that wallets holding at least 1 million ADA now control 250.9 billion tokens, accounting for 67.47% of the total supply. This significant concentration of holdings indicates robust accumulation among key stakeholders, even as Cardano has experienced a 71% decline in market cap over the past nine months. The combination of these factors paints a cautiously optimistic picture for Cardano's future price trajectory.
Recent data indicates a resurgence in Bitcoin retail investor demand, contrasting with the bullish trend observed in Cardano. For more details, see the full article here.
