Cardano (ADA), which is among the top 10 cryptocurrencies, is among the best performing cryptos recently.
At this point, ADA, which has experienced a 32% increase since the beginning of November, is at $ 0.381 at the time of writing.
While ADA attracted the attention of investors with its gains, a new ADA post came from popular analyst Ali Martinez.
Stating that there is an important demand region in Cardano between $0.37 and $0.38, the analyst said that 166,470 wallets bought 4.88 billion ADA in this price range.
Stating that ADA has solid support, the analyst argued that ADA could rise further as long as it remains above $0.38.
Finally, the analyst warned investors to be careful and added that there may be a correction to $0.4 if support is lost.
“Cardano is in a significant demand zone between $0.37 and $0.38, where 166,470 wallets purchased 4.88 billion ADA.
With minimal resistance ahead and solid support below, staying above this zone could pave the way for ADA to climb to new yearly highs.
“Be careful, though, as losing this support level could trigger a short correction towards $0.34.”
*This is not investment advice.