ADA is facing a correction near a key level, according to analyst Cardano.
Cardano ( ADA ) traded below $0.60 as the TD series indicator flashed a sell signal.
Crypto analyst Ali has already seen this indicator flip to the ADA depression.
ADA still sees a run to the psychological $1 level.
Cardano was trading near $0.60 on Saturday afternoon, up about 1.3% in the last 24 hours. However, if the price falls below the above mentioned area, the sellers will probably see further moves in the broader crypto market correction.
The analyst said the ADA would face a correction.
Sell signal in TD series indicator on Cardano 3 day chart. That's what crypto analyst Ali shared on February 23 via X.
For technical analysts, the TD sequence helps traders identify potential reversal points in asset market trends. With it, traders can buy or sell tokens – in which case the token prices will often change up or down.
According to the analyst, the price of Cardano is adjusted downwards during periods when this indicator reflects depression. Ali wrote:
“The TD Series indicator is showing a sell signal on the #Cardano 3-day chart. It is important to note that this indicator has had a bearish signal on the last two occasions, as $ADA has experienced a price correction.
Here's the chart the analyst shared:
Cardano hit a high of $0.63 on February 20 but could fall to $0.50 if bulls fail to hold above $0.57. The next major support area could be around $0.45.
On the flip side, the sell signal's bearishness makes buyers target higher levels during the week. Resistance above $0.60 could be the mid-December high of $0.66. Above this level, ADA may go to the psychological $1 level.
