Popular cryptocurrency analyst Ali Martinez issued a harsh warning about Cardano (ADA) in his latest analysis.
Martinez reported that he saw a sell signal for ADA on both the three-day and one-day charts, and a potential correction could occur for one to four candles. However, according to the analyst, this situation can be considered as a short-term retreat while Cardano continues its rise.
At the time of writing, ADA price is trading at $0.59, following an impressive 15% rally during the day.
Making a statement about the Polygon (MATIC) altcoin, the analyst said that cryptocurrency users made large purchases between $ 0.80 and $ 0.86 and this level turned into a demand zone. According to the analyst, 42,000 cryptocurrency addresses purchased close to 5.8 billion MATIC in this interval.
According to Martinez's claim, there is minimal resistance in front of MATIC and there is a potential for a bull run as long as the demand zone in question continues to be protected. At the time of writing this article, MATIC price is trading at $0.91, with a 4% increase during the day.
*This is not investment advice.