• Cardano price performance has been uneventful, as the token lagged behind while Bitcoin and Ethereum recorded new all-time highs.
  • ADA bulls appear to be struggling with the nearest obstacle at the 21 twelve-hour SMA.
  • Only a slice above $2.24 would put the 23% rally on the radar. 

Cardano price continues to confuse forecasts ADA teeters between two clearly defined technical levels. Until the Ethereum-killer can overcome the two key areas of resistance, the token can expect a 23% climb toward $2.73. 

Cardano bulls ready to tackle next obstacles

Cardano price presents a lack of clear directional bias as it continues to be sealed within a symmetrical triangle pattern on the 12-hour chart. Despite the recent uptick seen in the cryptocurrency market, witnessing Bitcoin and Ether reach new all-time highs, ADA lagged behind.

It appears that Cardano price is gearing up to tackle obstacles, despite the overwhelming strength of the resistances that are currently intimidating the bulls. The first hurdle for ADA is at the 21 twelve-hour Simple Moving Average (SMA) at $2.16. If the Ethereum-killer manages to slice above this level, the next headwind will emerge at the 23.6% Fibonacci retracement level, coinciding with the 50 twelve-hour SMA at $2.19.

According to the IntotheBlock’s In/Out of Money Around Price (IOMAP), the aforementioned level of resistance would be a challenging level to crack for the bulls, given that it is the largest cluster recorded by the technical metric, as 226,650 addresses purchased 7.82 billion ADA at an average price of $2.19.

ADAUSDT

ADA IOMAP

If the buyers manage to slice above this stiff hurdle, would see Cardano price tag the upper boundary of the prevailing chart pattern at $2.24. Breaking above the topside trend line of the triangle would put the 23% climb on the radar for ADA, as the bulls attempt to reach for $2.73. 

ADAUSDT

ADA/USDT 12-hour chart

The bulls’ journey toward the optimistic target would still be tricky, as a resistance line given by the Momentum Reversal Indicator (MRI) has appeared at $2.30, which sits near the 100 twelve-hour SMA acting as a heavy headwind for Cardano price. ADA would also need to clear the $2.36, $2.50 and $2.64, corresponding to the 38.2%, 50% and 61.8% Fibonacci retracement levels, respectively, before reaching the projected target given by the chart pattern.

However, if a spike in sell orders occurs, Cardano price may fall toward the lower boundary of the symmetrical triangle at $2.10 to retest the trend line as support. If this level fails to hold, the bullish outlook may be ruined as ADA may drop toward the 200 twelve-hour SMA at $2.07 and at the same time put a bearish target of a 23% decline at $1.62 on the radar for the Ethereum-killer.

 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin, crypto market remain in uptrend following 25 bps Fed rate cut

Bitcoin, crypto market remain in uptrend following 25 bps Fed rate cut

Fed Chair Jerome Powell stated that the FOMC lowered the Fed funds rate by 25 basis points. The rate cut comes after Bitcoin reached a new all-time high price upon Donald Trump's election victory. Ethereum and Solana also retained gains of 7% and 4%, respectively, following the rate cut.

More Cryptocurrencies News
XRP sees bullish momentum following $123 million increase in open interest

XRP sees bullish momentum following $123 million increase in open interest

XRP exchange reserves in Binance and Upbit have declined by nearly $13 million. In the past three days, investors opened over $123 million worth of XRP positions. XRP needs to overcome key descending trendline resistance to stage a rally to $0.6640.

More Ripple News
Coinbase launches wrapped Bitcoin token on Solana network

Coinbase launches wrapped Bitcoin token on Solana network

Crypto exchange Coinbase announced on Thursday that it has launched its synthetic Bitcoin token, cbBTC token, on the Solana network, marking its first token issuance on the Layer-1 platform. The new token will allow users to stake Bitcoin on Solana and use it as lending collateral.

More Cryptocurrencies News
Solana Price Forecast: Investors stake $1.3B SOL amid November winning streak

Solana Price Forecast: Investors stake $1.3B SOL amid November winning streak

Buoyed by Donald Trump's victory at the polls, the global crypto market entered its third consecutive day on an uptrend on November 7, 2024. Amid the ongoing rally, Solana emerged one of the biggest gainers on Thursday, as demand for native memecoins further propelled market demand for SOL. 

More Solana News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

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.

Read More

BTC

ETH

XRP