Cardano could be ready to make a bullish rebound as a key price indicator signals a buy. Based on a post by Ali (@ali_charts), the TD Sequential Indicator supports a buy right now, but where could the target be?
The daily candlestick chart for Cardano against USDT reveals a compelling story. After experiencing a sustained period of downward pressure, ADA appears to be showing signs of selling exhaustion. As @ali_charts points out, the TD Sequential indicator has flashed a significant “buy” signal, marking a potential turning point for the cryptocurrency.
Understanding the TD Sequential Signal
The TD Sequential indicator, a sophisticated tool for identifying trend exhaustion and potential reversals, has printed a red “9” marker on the daily chart. According to @ali_charts, this technical formation often precedes meaningful price rebounds. The indicator’s appearance at current price levels is particularly noteworthy, as it coincides with a key support zone around $0.65.
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The recent price action has brought ADA to a crucial decision point. While the broader trend has remained bearish, the current support level at $0.65 has historically proved significant. @ali_charts suggests that this technical confluence—combining the TD Sequential buy signal with established support—could provide the foundation for a meaningful recovery.
Looking Ahead: Potential Scenarios
If the buy signal proves accurate, traders might expect a rebound toward immediate resistance levels between $0.73 and $0.76. A break above this level could see a continuation to around $0.84
However, market participants should remain cautious, as failed reversals could lead to further downside, potentially testing support at $0.62 or lower.
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For traders considering positions based on this setup, there is a need for confirmation signals. A strong bullish candle following the TD Sequential “9,” accompanied by substantial buying volume, would strengthen the case for a reversal. Additionally, breaking above immediate resistance levels would provide further validation of the bullish scenario.
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