Will Cardano Price Reach $1 This November?

The cryptocurrency market is experiencing a renewed bullish momentum ahead of the U.S. presidential election in 2024.

The Cardano price displayed a bearish Sunday trading session as the crypto market witnessed a selling pressure ahead of the 2024 U.S. presidential election. The ADA price plunged 4.8% over the day to trade at $0.33.

The bearish move followed the Bitcoin price dropping below the $68,000 mark. However, the ADA price managed to hold above the key support of $0.32, which could extend the ADA buyer coil counterattack for the surge to $0.5 in November.

Cardano Price Analysis: Key Points

The technical analysis of the ADA price on the 4-hour chart suggests a symmetrical triangle formation. The pattern began forming on June 25 and is expected to continue until mid-November.

The upper trendline of the triangle acted as resistance at $0.37, while the lower trendline provided support at $0.29. The apex of the triangle was at $0.34.

According to the symmetrical triangle pattern, the breakout direction determined the continuation of the prevailing trend. In this case, a breakout above the upper trendline would signal a bullish trend continuation, while a breakout below the lower trendline would indicate a bearish trend continuation.

The ADA price was trading above the 50 4-hour simple moving average (SMA) at $0.33, indicating a bullish bias in the short term. However, the MACD histogram was turning negative, indicating a loss of bullish momentum.

Overall, the technical analysis suggested that the ADA price could attempt a bullish breakout from the upper resistance of the corrective structure at $0.37. However, the breakout needed to be achieved by mid-November to reach the $0.5 target by month's end.

Bearish Scenario for Cardano Price

If the market corrections continue, the ADA price could plunge another 2.8% to an ascending trendline support intact since June 2023. Historically, the Cardano price reversal from this support led to a recovery ranging from 35% to 250%. Thus, the ADA price could strengthen its grip over the asset at the bottom support and attempt a bullish breakout from the key resistance of the current correctional at $0.37.

Cardano Whale Accumulation, MVRV Data

The santiment data showed the 30-day market cap to realized cap ratio (MVRV) had recently plunged to a -6.37% mark. The MVRV ratio compares an asset's market capitalization to its realized capitalization and helps determine whether the asset is overvalued or undervalued.

Historically, the MVRV breakdown below -6% had formed local market bottoms. Generally, the negative value indicates a loss-making short-term trader could capitulate if the correction trend extends. Exit from these speculative traders often attracts long-term business and drives sustained recovery.

The above is the detailed content of Will Cardano Price Reach $1 This November?. For more information, please follow other related articles on the PHP Chinese website!