Cardano price could rise 30% as crypto markets take to a revival course

Source Fxstreet
  • Cardano price action has consolidated into a descending triangle, but a reversal seems likely.
  • ADA could make a 30% climb if it manages a break and close above $0.5410.
  • A break and close below 0.4668 would invalidate the bullish thesis. 

Cardano (ADA) price continues to consolidate below a descending trendline, a bearish technical formation that extended the choppy altcoin market. However, this outcool appears to be changing as cryptocurrency markets take to what appears to be a revival course. 

Also Read: Cardano price could rise 15% as shark and whale wallets resurface

Cardano could bottom out around now

Cardano (ADA) price downtrend has lasted since mid-December, falling around 30%. The price may have bottomed out as the altcoin confronts the blockade. Increased buying pressure could see ADA price overcome the trendline to confront the resistance confluence between the 50-day Simple Moving Average (SMA) and the horizontal line at $0.5419.  

Key levels to watch beyond this level include the $0.5908 roadblock, 10% above current levels, or  high at $0.6412. In a highly bullish case, the gains could see the Cardano price complete the 30% climb to $0.6800.  

ADA/USDT 1-day chart

On the other hand, a rejection from the descending trendline could see ADA price continue below the foothold of the trendline, potentially testing the $0.4668 bottom, nearly 10% below current levels. 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin Price Forecast: BTC extends recovery as ETF records positive flows Bitcoin (BTC) price continues to trade in green above $91,500 at the time of writing on Thursday after rebounding from the key support level.
Author  FXStreet
Nov 27, Thu
Bitcoin (BTC) price continues to trade in green above $91,500 at the time of writing on Thursday after rebounding from the key support level.
placeholder
Bitcoin Takes a 'Major Leap Forward' with $97K Price Targets in SightBitcoin holds steady above $90,000 as traders eye $100,000, buoyed by Thanksgiving market lull.
Author  Mitrade
Yesterday 03: 47
Bitcoin holds steady above $90,000 as traders eye $100,000, buoyed by Thanksgiving market lull.
placeholder
S&P Slashes Vanke to Deep Junk, Warning of 'Unsustainable' Debt WallS&P has cut China Vanke’s rating to CCC- and warned its debt is “unsustainable” as the developer faces an 11.4 billion yuan maturity wall, seeks to delay a 2 billion yuan bond repayment and sees its securities plunge, stoking fresh worries that China’s property sector could slide back into crisis despite state ties.
Author  Mitrade
Yesterday 07: 09
S&P has cut China Vanke’s rating to CCC- and warned its debt is “unsustainable” as the developer faces an 11.4 billion yuan maturity wall, seeks to delay a 2 billion yuan bond repayment and sees its securities plunge, stoking fresh worries that China’s property sector could slide back into crisis despite state ties.
placeholder
Gold hits two-week top; eyes $4,200 as dovish Fed offsets USD uptick and risk-on moodGold (XAU/USD) attracts fresh buyers during the Asian session on Friday and climbs to a two-week high, with bulls now eyeing to reclaim the $4,200 mark amid dovish US Federal Reserve (Fed) expectations.
Author  FXStreet
Yesterday 07: 29
Gold (XAU/USD) attracts fresh buyers during the Asian session on Friday and climbs to a two-week high, with bulls now eyeing to reclaim the $4,200 mark amid dovish US Federal Reserve (Fed) expectations.
placeholder
Silver Price Forecast: XAG/USD bulls remain focused on the $54.40 levelSilver remains steady near $54.00 after rejection at $54.40 area.
Author  FXStreet
Yesterday 10: 54
Silver remains steady near $54.00 after rejection at $54.40 area.
goTop
quote