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Why two upcoming major events could propel Cardano price to revisit all-time highs

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  • Cardano price could rally on its listing on Europe’s largest crypto exchange later this week.
  • New developments and updates on the third-generation blockchain are expected to be revealed on November 25.
  • Cardano price prints a bullish formation which could see ADA rally toward $2.90

Cardano price is anticipating two major events that could see the token rally toward $3 and even higher toward its all-time high. The Ethereum-killer is set to be listed on Europe’s largest cryptocurrency exchange, and the ADA community is expecting news and updates on the protocol later this week. 

Cardano price awaits bulls’ power move

Cardano price has failed to galvanize investors’ enthusiasm as it continues to trend lower. However, ADA is expected to be listed on Bitstamp, Europe’s biggest cryptocurrency exchange by trading volume, on November 24. The digital asset platform announced that deposits and withdrawals would be open on November 23, but full trading would commence the day after.

With the listing of ADA on Bitstamp, enabling the exchange’s users access to the Ethereum-killer, the bulls may be incentivized to propel Cardano price higher. 

Later this week, on November 25, Input Output, the development team behind the Cardano blockchain, will be hosting the Cardano 360 November edition, where key developments, updates and news will be announced. The core team behind the protocol, as well as guests across the ecosystem, will share updates on the third-generation blockchain.

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In addition to the two upcoming major events for Cardano, the Ethereum-killer has formed a falling wedge pattern on the daily chart, suggesting a bullish outlook for ADA.

The optimistic chart pattern suggests a 35% rally for Cardano price toward $2.90 if it manages to slice above the upper boundary of the technical pattern. Additional buying pressure could even see ADA challenge its all-time high at $3.09.

However, Cardano price continues to hover around the lower boundary of the falling wedge which acts as support for ADA at $1.74. The Ethereum-killer must close above this level for a recovery to occur.

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The first hurdle for Cardano price appears to be at the 200-day Simple Moving Average (SMA) at $1.88, then at the November 20 high at $1.95. Additional resistance will emerge at the 21-day SMA at 1.98, then at the 50-day SMA at $2.07. 

ADAUSDT

ADA/USDT daily chart

If Cardano price manages to tag the upper boundary of the falling wedge, coinciding with the November 11 high at $2.14, the bullish target of a 35% ascent toward $2.90 could then be on the radar.

However, if things go south for Cardano price, ADA could fall toward the November 18 low at $1.70. An increase in sell orders could push the token lower toward the June 15 high at $1.60.

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Cardano on the edge: Why and what it needs to make a recovery

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These are not the best of times for Cardano. While the asset may have maintained its sixth position in the rankings with a market cap of $49.1 billion, it is consistently reaching new lows over the past week, and at present, it is possibly at the last key support before an evident bearish reversal.

This article will draw estimates around the current price movement of Cardano and explain why it should recover moving forward to avoid further corrections.

Red-Flags for Cardano

Source: Trading View

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While a sense of optimism is appreciated for one of the top performers of 2021, ADA’s price structure is anything but ideal. Earlier in November, the asset finally breached above its long-term ascending channel pattern but it was followed by immediate invalidation. It was a sign of things to come for the asset, and Cardano barely recovered ever since.

Now, at press time, the asset has finally dropped under the pattern in a bearish direction, eliminating any chance of immediate bullish recovery. $1.80 was an important high-time frame support, which did not hold ADA‘s crashing valuation.

Source: Trading View

The importance of $1.80 can be understood from the Fibonacci levels. $1.80 marked the 0.618 Fibonacci level, which fundamentally is the last support during a correction phase of a bull run.

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During the Q3 correction period, Cardano dropped down to $1.00 which was the Fib level of 0.618 for a market top of $2.47. The same situation hasn’t panned out this time, with the market falling sharply beyond the retracement levels.

Is there still hope?

Source: Trading View

Well, never say never in crypto trend, and volatility could swing in Cardanos’ favor as well. According to data from intotheblock.com, 4.93 billion ADA currently resides between the range of $1.34-$1.63 amongst 394,ooo addresses. While this suggests that ADA may drop down to as low as $1.40 in the next few days, the flip side is, it can recovery strongly as well.

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However, failure to do so may see Cardano enter price discovery between $1.11 and $1.34. Close to 8.37 billion ADA resides in that range distributed amoong ~590,000 addresses. The situation is definitely on the edge for Cardano, and major sentiment indicates a bearish outlook.

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Cardano Foundation Facilitates The Improvement Proposal Process

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Cardano has been making headlines a lot in 2021 due to the various exciting projects that the team has been working on.

ADA is also showing a great price trajectory and this probably mirrors the success of the project as well.

Now, it’s been revealed that the Foundation is facilitating the Cardano Improvement Proposal process.

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Check out the revealing tweet that the team shared recently:

Someone said: ‘until the number of coins decreases, you will not have the upper hand, and as long as there is one conversation, everything will be all the same. and you have only one conversation.! scarcity creates supply, this is the law! and it always works!’

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One other follower said: ‘The price is only one element. Price will recover, don’t look only at the price movement’s. The technology and the vision is the key and Cardano is on the right way.’

ADA is embracing more investors amidst market correction

A few days ago, we were revealing that CoinShares’ reports note the fact that top smart contract platforms like Ethereum, Solana, and Cardano (ADA) are seeing a huge amount of investments.

“Ethereum saw inflows totaling US$14m last week, marking its fourth consecutive week of inflows totaling US$80m…”

The same notes continued and said:

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“Inflows into world computer assets suggest that investors favor Solana. By measure of total inflows over the last month, Solana has seen inflows totaling US$43m over the last month versus Cardano at US$23m.”

Despite the market corrections, there are all kinds of optimistic predictions about the prices of cryptos these days. ADA is one of the coins that saw a correction.

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The ADA Coin Stands At The Last Fibonacci Retracement Support Of 0.718. Is There Still Hope For Bulls?

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After rejecting from the $3 mark, the ADA coin entered this retracement phase. The coin price tried hard to sustain above the $2 support but overpowered bears didn’t let that happen. The coin has steadily dropped lower and has re-established another significant support level of $1.5. Watch out for these technical levels to spot good opportunities. 

Key technical points:

  • The ADA coin chart shows the 20-and-50-day are on the verge of a bearish crossover
  • The intraday trading volume in the ADA coin is $3.2 Billion, indicating a 1.37% gain
TradingView Chart

Source- ADA/USD chart by Tradingview

As mentioned in my previous article on ADA/USD, the ADA price breached the crucial support of the $2 mark. The coin price offered a proper retest to check for sufficient resistance at this level and continued to drop lower. Right now, the price is plunged to a significant support level of $1.5, which is in confluence with the weak but valid support level of 0.718 FIB.

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According to the crucial EMAs(20, 50, 100, and 200), the coin price is currently under a downtrend. Moreover, this chart shows the 20 and 50 EMA may soon offer a bearish cross, which could attract even more sellers in the market.

The Relative Strength Index(28) states the dominance of sellers in ADA coins. However, the RSI line has entered the oversold zone, suggesting good potential if a new rally emerges.

Important Weekly Announcement For Cardano(ADA)

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What fueled the strong sell-off in ADA coin was an announcement from eToro, which is an online broker and investment platform, saying that it would be limiting trading on ADA and Tron coin for its U.S.users. 

ADA/USD Chart In The 4-hour Time Frame

TradingView Chart

Source- ADA/USD chart by Tradingview

The ADA Coin price is currently hovering near the $1.5 support, indicating an intraday loss of 7.28%. However, the price has not yet displayed any sufficient reversal signs that can reinforce a bullish sentiment.

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The crypto traders can observers the coin for some time and wait for sufficient demand pressure to confirm a long trader. Anyhow, if the bears even managed to drop the price below this support. The ADA coin may return to the $1.

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