Crypto analyst and trader Ali Martinez is expressing bullish sentiment on Cardano (ADA) and one low-cap altcoin.

Starting with the eighth-largest crypto asset by market cap, Martinez tells his 35,700 followers on the X social media platform that “with no significant resistance barriers in sight, the path looks clear for ADA to move higher”.

According to Martinez, the key resistance levels that lie ahead for Cardano are $0.80 and $1 and once overcome, will open a “window for ADA to shine”.

Per a chart citing data from blockchain analytics platform IntoTheBlock, about 90.76% of Cardano holders that bought the crypto asset at between $0.553 and $0.754 are in profit at an earlier ADA price of $0.653.

Source: Ali Martinez/X

Cardano is trading at $0.645 at time of writing.

Turning to the iris biometric cryptocurrency project Worldcoin (WLD), Martinez says that the 162nd-largest digital asset by market cap could be on the cusp of a bullish move.

“A massive exchange outflow of 3.6 million WLD has coincided with a spike in whale transactions. This may indicate WLD whales are gearing up for a big price move.”

Source: Ali Martinez/X

Worldcoin is trading at $2.66 at time of writing.

Next up is Shiba Inu (SHIB). Martinez says that the 18th-largest crypto asset by market cap has traded for about 15 months in a descending parallel channel, a pattern that is typically bearish. According to Martinez, Shiba Inu is now attempting to break out of the descending parallel channel.

“A decisive weekly close above this level [$0.000011] could signal a bullish breakout, propelling SHIB towards $0.000014. However, if it faces rejection here, we might see a pullback to $0.000008 before the bullish breakout.”

Source: Ali Martinez/X

Shiba Inu is trading at $0.00000992 at time of writing.

Generated Image: DALLE3

The post Trader Says Path Looks Clear for Cardano To Move Higher, Predicts ‘Big Price Move’ for ADA appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ December 17, 2023 12:22 am