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Crypto analyst Ali Martinez, in his recent assessments of $XRP and Cardano ($ADA), stated that the technical outlook for both altcoins points to a potential recovery. According to Martinez, the $1.31-$1.38 range stands out as a critical support zone for $XRP, while the Tom DeMark Sequential indicator has generated a new buy signal for Cardano.
Martinez noted that despite the current correction, $XRP is trading above a strong support area. On-chain data shows that over 4.8 billion $XRP were previously purchased at prices between $1.31 and $1.38. Therefore, the analyst stated that this area could form a significant line of defense should selling pressure continue.
Another positive factor for $XRP was the increased demand for spot $XRP ETFs in the US. According to data shared by Martinez, spot $XRP ETFs accumulated over $105 million worth of $XRP last week. The analyst stated that ETF-related purchases have not yet fully translated into price performance, but they provided additional demand to the market during the pullback.
From a technical perspective, it was noted that $XRP may be forming a bullish flag pattern on the hourly chart. According to Martinez, a breakout above $1.38 on the hourly chart could confirm an upward breakout of the pattern. In such a scenario, the $2 level could come back into play.
Martinez emphasized that $XRP investors should pay close attention to the $1.31-$1.38 range in particular.
On the Cardano side, it was noted that the Tom DeMark Sequential indicator gave a new bullish signal on the daily chart. Martinez stated that this indicator has yielded remarkable results in identifying $ADA’s local lows in recent months.
According to the data shared by the analyst, the indicator experienced increases of 44.5% in $ADA following the signal given on June 25, 11.5% following the signal on July 15, and 50.9% following the signal on August 18.
*This is not investment advice.
Source: cryptonews.net