Cardano is poised for a significant rally, according to crypto analyst Ali Martinez. He noted that technical indicators have become more bullish despite the 24% price drop over the past 30 days.
As the analyst noted, signs of a potential rebound have formed on the daily chart. In addition, the TD Sequential indicator is giving a buy signal for the altcoin, as investors are provided with strong entry points.
At the same time, the chart shows that the ADA price is trending lower with several bearish candles. The long lower wick on some recent candles indicates buying pressure at lower levels. If there is enough demand at the current support level, a rebound could occur.
The altcoin's Relative Strength Index (RSI) is showing a value of 27.88, which confirms that the ADA token is oversold. This is a good entry point, as such levels are often followed by a sharp price increase.
The MACD indicator remains bearish, the MACD histogram is red, but the strength of the bars is decreasing, while the MACD line (blue) and the signal line (red) have started to converge.
