The price of Cardano has achieved enough upside pressure to break the $1 psychological resistance barrier. This is the first time in over a month that ADA has been able to overcome this major hurdle, allowing it to gain a lot of attention from market participants. Even so, the so-called “Ethereum killer” could be subject to a brief correction before extending the advance.
The Tom DeMark (TD) Sequential Indicator is currently presenting a sell signal on the ADA daily chart. The bearish formation indicates a pullback before the uptrend resumes. An increase in profit taking could help validate the bearish short-term outlook, taking the price of Cardano to $0.98 or even $0.96.
ADA/USD daily chart
Despite the short-term bearish thesis presented by the TD setup for the Cardano price, there are some indicators pointing to further gains on the horizon. Watch the video below to understand what can invalidate the sell signal on the ADA daily chart and what the next upside target could be.
Source: Fx Street
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