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- 1 Cardano price prediction turned bullish for November 2023.
- 2 ADA price holds the 50-day EMA and approaches the 200-day EMA.
- 3 Cardano crypto price is in the recovery phase.
Cardano price prediction is bullish for November as well as for December 2023. It suggests bulls are getting active and fresh buyers are also participating in the recovery.
ADA price recovered 21% from the recent swing low at $0.2400 and managed to climb above the 50-day EMA. It shows that the short-term trend has reversed in the upward direction.
Moreover, the Cardano crypto price is now approaching the 200-day EMA, so if they succeed, then the positional trend will also reverse upward.
In the last 2 months, ADA price has consolidated in the range between $0.2400 to $0.2800 level. Sellers tried multiple times to drag the price below the lower range. But, buyers were active and succeeded in defending every attempt made by the bears.
Recently, Cardano price breakout of the $0.2800 hurdle and expanded the range upward. Bulls won the battle inside the consolidation range which triggered positive sentiment and gained the confidence of investors.
At the time of writing, Cardano price is trading at $0.2909 with an intraday rise of 3.60%. The 24-hour volume to market cap is 2.72%.
Will the Recovery in the Cardano Price Continue?
Cardano price prediction favors the bulls and suggests the rally has just begun. ADA price recovering by forming higher high swings shows the strength in the up move.
The buying volume also increased and the price also followed the upside direction. It indicates some genuine buyers have turned bullish and are injecting money for decent returns.
On the higher side, $0.3190 will act as a hurdle for the bulls in the coming weeks. If the recovery in ADA price continues and buyers succeed in breaking the $0.3190 hurdle, then the 15% to 20% more upside will open.
Will ADA Price Follow the Overall Market Direction?
ADA price rose approximately 11% in the current week and formed a bullish engulfing candle. It shows that Cardano price is turning bullish on a multiple time frame chart.
Meanwhile, the overall crypto market is performing well which may positively impact the ADA crypto in the coming weeks. The MACD curve slopes upward and histogram bars are on the rise indicating prices likely to continue to trade with a bullish bias.
However, the RSI curve at 77, slopes upward denoting highly overbought territory. So, a minor retracement is also possible before heading higher.
Conclusion
Cardano price prediction is bullish for the next month and suggests that the recovery is likely to continue. The recent upmove in the ADA price looks reliable and sustainable.
Therefore, the analysis suggests that Cardano price is bullish and may perform well in the coming months.
Technical Levels
- Resistance levels: $0.3190 and $0.3805
- Support levels: $0.2600 and $0.2358
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
