Cardano Ecosystem





Cardano price action whipsaws bulls and bears despite ADA $2.50 target

Cardano price action has caused pain for longs and short. Possible short entry limited by near-term support. Possible long entry requires a substantial gain before buyers can safely enter. Cardano price action has been some of the most volatile and...

Cardano price action whipsaws bulls and bears despite ADA $2.50 target
  • Cardano price analysis is bearish today.
  • ADA/USD saw a brief spike above $2.30 resistance yesterday.
  • Cardano is currently trading at $2.1.

The Cardano price analysis is bearish today, as we expect more selling to follow after a strong rally ended yesterday with a move to $2.378. As a result, another retracement is expected before another rise can be made, which will require further consolidation.

Yesterday’s Cardano price analysis concluded that further downside was to be expected after the strong rally to $2.378 ended with a short-term top, which has indeed been confirmed after ADA/USD retraced before the descending wedge resistance at $2.301. Yesterday saw another attempt at this level, but no further upside was gained, and ADA/USD is now moving to retest the breakout point at $2.180.

The Billinger bands have started to move downwards as well, being a good indicator for further selling.

Today’s Cardano price prediction will see a downside break below $2.15 will result in another test of the previous breakout point at $1.951. This is a major support level, and it has not been tested. If it gives way, a further downside to $1.56 is likely in the medium term.

A breakout below $2.15 will result in a drop to yesterday’s low at $1.951, which has not been tested yet and could provide support if tested again after the expected sell-off.

ADA/USD 4-hour chart: ADA finds support at $2.0

On the 4-hour chart, we may see Cardano price finding some support at $2.0 after a powerful retrace earlier, suggesting that there could be more upside in the next hours.

ADA/USD 4-hour chart. Source: TradingView

The Cardano price rallied to $2.09 after a robust drop after October, finding support around $1.90 by the end of the month. After several days of consolidation, the first attempt to rise followed on November 3rd.

ADA/USD fell further and quickly returned to previous support levels as demand faded. Consolidation ended after the week when another rise began on Monday.

The MACD indicator is currently in the positive area, but it’s moving downwards. The EMA lines are decreasing and approaching each other, resulting in a brief price correction before another rise.

The RSI is in the positive area, and it was unable to break above 60, which means that ADA/USD is likely going to retrace further before finding support.

Cardano Price Analysis: Conclusion 

The Cardano price outlook for today is bearish, as we anticipate a further decline after a strong rally over the previous days. As a result, ADA/USD will most likely test further downside as it approaches the current support level of $2.0.

News Source


World’s First Multi-Token ISPO — By Genius X - Starts on 12th of September, epoch 363!

Genius X, a revolutionary launchpad and business accelerator helping Web3 startups attain speed, scale, and edge, is thrilled to announce the world’s first Multi-Token ISPO.I WANT TO KNOW MORE!

Read Original Article on Elevenews



Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.

NotifyLog - One stop tool for events tracking and analytics

More from Elevenews

See more
Cardano Price Forecast: If the volume does not return to normal, 2023 could be a lost year for ADA - ELEVENEWS
Cardano Price Forecast: If the volume does not return to normal, 2023 could be a lost year for ADA - ELEVENEWS

yesterday at 4:23 PM



Related News

See more
WingRiders Governance Token

Featured News

See more

NotifyLog - One stop tool for events tracking and analyticsWorld’s First Multi-Token ISPO — By Genius X