Can Cardano (ADA) Stage a Bullish Breakout Prior to November?
Cardano’s price climbed by 2.42%, climbing up to $0.3461. The historical pattern suggests ADA might rally around mid-November. Despite the negative turns over the past few days, the broader crypto market has...
- Cardano’s price climbed by 2.42%, climbing up to $0.3461.
- The historical pattern suggests ADA might rally around mid-November.
Despite the negative turns over the past few days, the broader crypto market has experienced a strong bullish recovery in the past few hours. Bitcoin has pushed certain altcoins up along with its $71K breakout.
However, the price of Cardano (ADA) exhibits a notable 2.42% spike over the day. Analysts are expecting significant returns for ADA in the upcoming bull rally and it has created curiosity among traders.
Notably, Ali charts have noticed Cardano’s current market movements resembling its historical patterns during the 2020 cycle. There’s anticipation hovering that ADA might replicate the prior pattern, suggesting it could reach a new peak. In addition, the historical analysis hints that ADA might rally around mid-November, in the aftermath of the U.S. presidential election. Further eyeing to reach a market top in September 2025.
However, the current market momentum might trigger Cardano to exhibit upward movement. Over the past 24 hours, the asset has recorded its highest trading level at $0.35. At press time, Cardano traded at $0.3461, with its daily trading volume soaring by over 53.75%, as per CMC data.
Over the past week, Cardano lost over 4.20%, slipping from $0.3674 to a low of $0.3208. However, the bearish outlook diminished, as November is around the corner.
Can ADA Expect a Bullish Turn?
Looking ahead at the four-hour technical chart of ADA, the current market is in the neutral sentiment, as the daily relative strength index (RSI) stays at the 57 mark. Moreover, the asset’s daily frame exhibits the short-term 9-day MA above the long-term 21-day MA.
Besides, the Moving Average Convergence Divergence (MACD) indicator is marked above the signal line, suggesting a bullish sentiment and an incoming bull run can be expected.
The Chaikin Money Flow (CMF) indicator is found at 0.11, indicating the increased money flow with an optimistic outlook. Consequently, the daily trading volume of ADA has reached $298 million.
The four-hour price chart of ADA shows the upside momentum, breaking the $0.3400 level. If the uptrend persists, the asset could test and rally toward the resistance level at $0.3572. Moreover, ADA can further push the price to set new highs.
On the flip side, if the current price momentum reverses in the upcoming days, the price could retrace down to $0.3364 or even lower if the price fails to hold the ground.
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