- Cardano price has produced four lower highs throughout the month, with three connected by a recently breached trendline.
- A hurdle above $0.322 could create an additional 12% upswing.
- A four-hour candlestick close below the $0.304 level would invalidate the bullish potential.
Cardano price shows unbreached liquidity levels within arms reach of the current auctioning price. Traders should keep their eyes on the ADA price action as a profitable opportunity could present itself in the coming hours.
Cardano price is likely to return to $0.350 eventually
Cardano price may be able to retaliate against the bullish onslaught that has persisted throughout November. During the month, the bears produced four rejections, each at a lower price than the previous. The consistent win rate portrayed by the bears has likely enticed retail traders to join the trend and creates significant liquidity above each swing high.
Cardano price currently trades at $0.309, below the most recent swing high at $0.322. The bulls have failed their first attempt to hurdle the 8-day exponential moving average, but the rejection has provoked a retest of a trendline that connects the last three swing highs.
If the ADA price stabilizes above the aforementioned level, the subsequent retest of the 8-day exponential moving average could induce a much larger counter-trend rally.
ADA/USDT 4-Hour Chart
The first target to aim for will be the 21-day simple moving average at $0.323. A 4-hour candlestick closes above the moving average could induce a rise toward the third swing high established on November 15 near $0.35. The bullish scenario creates a potential for the Cardano price to rise by 11%.
Still, the technicals are subject to evolve and remain bearish. A 4-hour candle stick close below the retesting trend line would create a potential for an 11% decline targeting the $0.280 price zone.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.