Will ADA Price Recover in November?

Cardano price prediction is bullish for November and suggests that a significant increase in the value is possible.

ADA price is trying to climb above the 50-day EMA to reverse the short-term trend in an upward direction. If buyers succeed then it might trigger the positive sentiment that attracts fresh investors.

For the last three months, Cardano’s price has consolidated inside the range between $0.2400 to 0.2800. It shows the signs of long-term base formation so the downside risk looks limited.

Previously, ADA crypto price took support near $0.2400 and showed a sharp recovery. Due to this, investors expect that a similar kind of pattern might be repeated.

On a day time frame chart, the price pattern of the Cardano crypto looks bearish. Moreover, the price also seems oversold so the possibility of a short-term pullback rally is high.

At the time of writing, Cardano price is trading at $0.2464 with an intraday decline of -0.24. The 24-hour volume to market cap is 0.79%. The pair of ADA/BTC is trading at 0.00000916 with an intraday decline of -0.33%.

Will Cardano Price Expand the Range Upward?

Cardano’s price prediction favors the bulls and suggests bulls are likely to win the battle. If the crypto leader BTC and ETH prices recover in the coming months then it may positively impact ADA cryptocurrency.

Till the ADA price sustains above the $0.2200 the buyers will remain active. However, the probability of upward range expansion will increase prices sustains above the 50-day EMA. On the other hand, if the price drops below $0.2200 then another round of sell-off might trigger.

ADA Price Looks Cheap at Current Levels

ADA price looks cheap at current levels for the long-term investment. The crypto needs to show some positive momentum to attract fresh investors. ADA price may consolidate for some more time in the existing range before deciding the next direction.

The MACD faced a hurdle at the zero line and the histogram bar is red. It indicates mild bearishness but price action is favoring the bulls. Therefore, the divergence between MACD and price action is visible.

The RSI at 40 slopes down denotes weakness but if prices recovers then RSI might also reverse.

Conclusion

Cardano price prediction is bullish for November 2023 and bulls will win the battle in a consolidation phase.

The technical analysis suggests that ADA price is near to the demand zone so investors may look to accumulate for nominal returns.

Technical levels

Resistance levels: $0.2810 and $0.3207
Support levels: $0.2218 and $0.2000

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.