Renowned finance analyst and trader Ali Martinez has declared his expectation for a rise in two altcoins that are on his radar. Among the leading altcoins the analyst is focusing on are Cardano (ADA) and Shiba Inu (SHIB), which is the second-largest memecoin.
Starting his analysis with Cardano’s ADA, Martinez told his followers on his personal X (formerly known as Twitter) account that ADA does not have any significant resistance barriers, suggesting that the path is clear for ADA’s rise. According to the analyst, the important resistance levels for Cardano are $0.80 and $1, and if these levels are surpassed, ADA’s shine could begin.
Referring to data from the on-chain data platform IntoTheBlock, Martinez added that approximately 90.76% of investors who bought the altcoin between $0.553 and $0.754 are in profit.
At the time this article was prepared, ADA had fallen by 3.23% in the last 24 hours, trading at $0.6154, with data indicating that its price had increased by 2.15% in the last 7 days and by 56.87% in the last 30 days.
After ADA, Martinez turned his attention to Shiba Inu’s SHIB, noting that SHIB, the 17th largest altcoin by market value, has been trading within a descending channel for about 15 months. The analyst remarked that Shiba Inu is currently trying to break out of the descending parallel channel and that such a breakout could lead to a significant rise.