Crypto analyst Ali Martinez made noteworthy statements about Cardano and XRP and shared his targets
Crypto analyst Ali Martinez shared technical levels that users should closely monitor for XRP and Cardano (ADA). According to Martinez, XRP is on the verge of a significant breakout in the short term, while on the Cardano side, the decline in futures demand and whale selling indicate that the risk of a correction continues
Martinez stated that XRP has developed a symmetrical triangle formation on the hourly chart. According to the analyst, the most critical level in the current outlook is $1.54. Martinez indicated that if XRP closes above $1.54 on the hourly chart, an upward breakout from the formation could be confirmed, and in such a scenario, the price could rise by approximately 10 percent to the $1.70 region
On the Cardano side, a more cautious picture emerges. Martinez pointed out that demand in the ADA futures market has weakened. Cardano’s open interest size has fallen by 9 percent in the last week, from $1.99 billion to $1.81 billion. According to the analyst, this indicates that investors are beginning to reduce their leveraged ADA positions
The actions of large investors also indicate increased selling pressure. According to data shared by Martinez, whales have sold approximately 90 million ADA since September 20th. The value of these tokens is approximately $22.5 million
Technical indicators also suggest, according to the analyst, that the correction in Cardano may not be complete yet. On the daily chart of ADA, the price fell by approximately 10% after a Tom DeMark Sequential sell signal was generated on September 26th
Martinez stated that, according to the parallel channel structure on the daily chart, the $0.24 level is a critical mid-band support for Cardano. He indicated that a drop below this level could lead to a further decline towards the lower boundary of the channel, approximately $0.21. According to the analyst, if the $0.21 support holds, this area could create a new bullish signal, and the price could target the upper boundary of the channel again, around $0.28
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