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Cardano Ecosystem

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11/22/2021

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Cardano Price Slides below Key Level as bearish Sentiment returns

The Cardano price has reversed almost 10% from its’ high over the weekend, increasing the odds of a material correction. Cardano (ADA) is trading at $1.816 (-1.00%) in Asian hours on Monday, down 11.7% in the last seven days...

Cardano Price Slides below Key Level as bearish Sentiment returns

The Cardano price has reversed almost 10% from its’ high over the weekend, increasing the odds of a material correction. Cardano (ADA) is trading at $1.816 (-1.00%) in Asian hours on Monday, down 11.7% in the last seven days and -7.60% in November. The ADA token’s current market cap sits at $60.6 billion, ranking it the sixth-largest cryptocurrency behind Solana (SOL).

The cryptocurrency market as a whole has seen mixed results in November. At the start of the month, a considerable influx of capital lifted the crypto market’s valuation to a record $3 Trillion. However, since then, Bitcoin (BTC) has given back $11,000 (-16.5%) from the $69,000 all-time high set on the 10th. As a result, the broader market has lost around $400 billion in value over the last 12 days. At the same time, ADA has fallen almost 24%, which leaves the price 42% adrift from September’s record of $3.160. Furthermore, yesterdays -4.55% drop has forced the price back below the 200-Day Moving Average (DMA) at $1.879, which suggests the downtrend may continue.

ADA Price Analysis

The daily chart shows the Cardano price is trending lower in a descending wedge pattern. As long as ADA remains below the 200-DMA, a logical destination is the bottom of the wedge at $1.670. And if Cardano fails to hold the trend support at $1.670, an extension towards the summer lows, just above $1.000, looks probable.

The price needs to recover the 200-DMA to reverse the bearish sentiment. In that event, trend resistance at $2.020 is the first hurdle for the bulls to overcome. Above that, the 50-DMA at $2.073 and the 100-Day at $2.268 are the next levels to watch.

In my opinion, the bearish argument carries more weight. Therefore, I expect the price will test trend support at $1.670 in the days ahead. Furthermore, as long the price remains below the 200-DMA, a drop towards $1.000 can’t be ruled out. On that basis, a close above the 200-DMA at $1.879 invalidates this theory.

Cardano Price Chart (Daily)

Cardano price

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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.


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