• Cardano price is escaping a short term bullish trendline on the 4-hours chart.
• The market capitalization increased by 2.8% in the last 24 hours to a reported $10.99 billion.
• The MACD indicator is about to provide bullish crossovers on a daily basis.

The price of Cardano (ADA) declined significantly during November due to the crypto market crash. This sharp price drop has left many cryptocurrency traders exhausted over the past few days. Also the overall market capitalization burned almost $200 million throughout the downtrend.

The market behavior is clearly showing the dominance of the bears over the altcoins, but here the bulls enter to spread a bit of positivity. Bulls are pulling money in Cardano while the price is nearing its yearly low.

Cardano Price Prediction on 4 Hour Chart 

As per price action, bears often sold-out the Cardano price near the downsloping trendline (above the chart). Eventually, buyers break this downsloping slope in intraday trading sessions. Meanwhile, the ADA price against the USDT pair is trading higher by 1.35% today while the price is trading at $0.3188 mark. 

Due to positive breakout the market capitalization enhances 2.8% in the last 24 hours, reported by $10.99 Billion. Trading volume was seen neutral at $219.8 Million overnight. However, volume is very low for robust trend reversal. 

Cardano Price Prediction on the Behalf of Technical Indicators 

ADA investors have a key demand zone at $0.30 level, on the other hand, the $0.40-level may act as an upcoming bullish hurdle. Bullish rally is likely after bullish breakout and Stoch RSI is headed towards the sky territory as well.

Simple RSI indicator appears flat lower the semi-line (50 mark). Above this halfway buyers may accumulate aggressively. And MACD indicator is going to provide bullish crossover on a daily basis.

Conclusion 

Notably the Cardano price survived over the $0.30 support level during a scary downfall. After bullish breakout, little possible rally is spotted in ADA crypto. As well as, the Stoch RSI is increasing towards a higher zone. 

Support level – $0.30

Resistance level – $0.38 and $0.60

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew Smith

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.