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Cardano price prediction: Price to cross $0.20000 before correcting

Date:


TL;DR Breakdown

  • Cardano price trading a $0.173531 at press time.
  • Price action highly bullish on both short-term and long-term charts.
  • Price may need correction before climbing higher.

Cardano price prediction: Today’s price overview

Cardano price opened at $0.155156 with slight bullish momentum that carried the price throughout the day. Despite multiple setbacks, the price is currently trading at a higher level than the day’s opening price. At press time, the trading price is $0.173531 showing an 11.84 percent increase from the day’s opening price,

Cardano price across the last 24-hours

Cardano price prediction: Price to cross $0.20000 before correcting 1

Cardano price started the day with a slight bullish momentum that dominated the price action throughout the day. However, the bulls seem exhausted and showed signs of a bearish turnover as more candles started turning red. The price action met resistance at $0.18000, and the buyers failed to breakthrough.

Following the rejection, the bears took over with the price declining sharply below $0.14000 level. However, the bulls bounced back, and the price recovered quickly and started rising towards the current trading price at $0.14000.

On the technical indicators, the RSI started the day suggesting overbought conditions, which came true as price action went bearish. Since then, the indicator has been showing healthy price movement.

The MACD indicator started the day showing bullish dominance, which turned bearish at 06:30 UTC. However, as price action recovered, the momentum turned bullish but has remained too low to indicate market momentum.

ADA USD November chart

Cardano price prediction: Price to cross $0.20000 before correcting 2

Cardano price started the month, extending the slight bearish momentum generated at the end of September. However, the bears could not garner much momentum, and the buyers found support at $0.0881. After tussling for more than two days, the bulls emerged victoriously, and the price ascended until meeting resistance around the $0.1139 price level.

Following the rejection, the price action continued to consolidate above $0.1000 for the next 12 days with slight bearish momentum. However, as the Bitcoin price crossed the $18,000 level, the ADA price action mirrored the movement as bulls elevated the price above $0.16700 with bullish momentum.

On the technical indicators, the MACD started the month, indicating slight bearish momentum with signs of a bullish turnover. However, the indicator remained showed feeble signals before turning bullish on November 19. The RSI, on the other hand, started the month leaning towards oversold conditions. However, the indicator turned overbought on November 21, with the signal only growing stronger with each new candle.

Cardano price prediction: Price to cross $0.20000 before correcting 3

While the bullish trend shows that ADA price still has room for further upwards movement, the RSI suggests that the price is deep into overbought territory and suggests that a healthy correction is needed for the price to continue rising. This notion is further supported by the high volatility seen in the candlesticks that suggest unstable market momentum. This can also be seen in the difference between the trend angles seen in the previous bull runs and the current bull run.

However, the bullish MACD and the growing fear of missing out (FOMO) suggests that the price might continue rising higher before correcting. There is greater FOMO in the ADA markets as the asset has mooned with the price reaching $0.18000 for the first time since January 2018. Traders can expect the price to climb above $0.20000 before correcting.

The ADA community is very optimistic about the recent bull run as the price has climbed by more than 50 percent across the last seven days. The asset is currently at its all-time high, with the momentum still remaining bullish, showing room for further upwards movement.

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