Crypto analyst Ali Martínez, in his recent evaluations of $XRP and Cardano ($ADA), stated that the technical outlook for both altcoins points to a potential recovery. According to Martínez, the $1.31-$1.38 range stands out as a critical support zone for $XRP, while the Tom DeMark Sequential indicator generated a new buy signal for Cardano.
Martínez noted that, despite the current correction, $XRP is trading above a strong support zone. Blockchain 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 zone could become a crucial line of defense in case of continued selling pressure.
Another positive factor for $XRP has been the increased demand for spot ETFs on $XRP in the US. According to data provided by Martínez, over $105 million was invested in spot ETFs on $XRP last week. The analyst noted that ETF-related purchases have not yet fully reflected in price increases, but they have provided additional market demand during the correction.
From a technical perspective, it was noted that a bullish flag may be forming on the $XRP hourly chart. According to Martínez, a breakout above $1.38 on the hourly chart could confirm an upward breakout of the pattern. In such a case, the $2 level could become relevant again.
Martínez emphasized that $XRP investors should pay special attention to the $1.31-$1.38 range.
Regarding Cardano, it was noted that the Tom DeMark Sequential indicator gave a new bullish signal on the daily chart. Martínez stated that this indicator has shown remarkable results in identifying $ADA local lows in recent months.
According to data provided by the analyst, following the signal on June 25, the $ADA price rose by 44.5%, following the signal on July 15 by 11.5%, and following the signal on August 18 by 50.9%.
*This is not investment advice.
end-content
