Cardano Price Aims for a Bullish November Close: Can it Sustain Above $0.4?

The crypto space has been on a ride in recent times, with the tokens being influenced by multiple external factors. The Bitcoin price plunged severely over the course of the Binance CEO’s plea of guilty to money laundering charges by the SEC, which resulted in his resigning from his post. In the meantime, a major drop in the cardano price was also seen, ranging from about 10% to 11%. However, a fine recovery followed that lifted the price back to the upper resistance.

The ADA price has been failing to pierce through these levels since the start of November, and hence it is now believed that it may continue to trade within the same range until the end. However, technicals suggest a breakout could be possible before the monthly close, but the bulls are believed to display their weakness, due to which the Cardano price could plunge slightly and trade sideways for a while.

Ever since the ADA price broke above the consolidation zone at around $0.25, the bulls have gained remarkable strength. Although the price is consistently failing to break the $0.4 price range, the probability of a breakthrough is fast approaching. The third-generation token, which is trading within an ascending triangle, could witness another pullback but could be strongly held at $0.38, which may further push the prices back towards $0.4 by the end of the month. 

As the trade is approaching its climax, the Cardano price is believed to forecast huge volatility in the coming month. The traders are expected to become more optimistic about the upcoming trade, which may heavily impact the volume of the token. Once, the ADA price settles firmly above $0.45, then the yearly close could be bullish marking the levels beyond $0.55 or even $0.6 in extreme bullish conditions.