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Analysis

Cardano price prediction shows ADA is set to surge past $1 – How?

2min Read

On the weekly chart, the RSI was at 79.25, indicating intense upward momentum.

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Cardano price prediction shows ADA is set to surge past $1 - How?
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  • Cardano displayed a bearish momentum divergence on the daily chart.
  • The liquidation map and $0.787 resistance could lead to a minor price dip.

Cardano [ADA] was strongly bullish on the daily and weekly timeframes. The altcoin has rallied 38% over the past week and is up by 146.7% since the lows set on Monday the 4th of November.

Over the past week, Bitcoin [BTC] has rallied 5%. It could be due for a minor dip toward $90k over the weekend that traders could use to go long on Cardano.

In the long term, both Cardano and Bitcoin remain strongly bullish.

Cardano price prediction

Cardano Weekly Chart

Source: ADA/USDT on TradingView

The weekly chart showed that Cardano had set a new high for 2024 last week. At press time, it appeared set to continue to uptrend.

The $0.6 zone, which was expected to serve as resistance, forced a minor rejection on the 11th of November. It was overcome a few days later, and Cardano was able to rally to $0.819.

On the weekly chart, the RSI was at 79.25 to indicate intense upward momentum. A bearish divergence was not seen on the weekly chart but has formed on the daily chart.

This was a concern as Cardano bulls fought to reclaim the $0.787 level as support.

A minor dip to $0.705 was possible. Meanwhile, the OBV has been rising swiftly in November to reflect increased demand for the token.

More reasons for ADA’s dip

Cardano Liquidation Map

Source: Coinglass

The 30-day liquidation map revealed that many long liquidation levels were present in the $0.741-$0.781 region.

A price dip into this area can sweep a sizeable quantity of liquidation levels and could potentially lead to a deeper slump toward $0.726.

Read Cardano’s [ADA] Price Prediction 2024-25

This idea has confluence with the RSI bearish divergence on the daily chart and the price trading below the key resistance level at $0.787.

Such a dip would offer buyers another opportunity to go long and could be a healthy outcome in the coming days.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

 

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Akashnath S is a Senior Journalist and Technical Analysis expert at AMBCrypto. He specializes in dissecting price action, identifying key market trends through advanced chart patterns, and forecasting both short-term and long-term asset trajectories. His distinct analytical method is grounded in his academic training as a Chemical Engineer. This background provides him with a systematic, process-oriented approach to market data, enabling him to analyze the complex dynamics of financial markets with precision and objectivity. Having actively covered the cryptocurrency space since the landmark 2017 market cycle, Akashnath possesses years of experience navigating both bull and bear markets. This seasoned perspective is critical to his insightful reporting on market volatility and evolution. As an active market participant, Akashnath enhances his analysis with crucial, hands-on experience. This practical application of his technical skills ensures his insights are not merely theoretical, but are also relevant and actionable for an audience looking to understand and navigate trading opportunities. He is dedicated to educating readers on the nuances of technical analysis, empowering them with the knowledge to make more informed financial decisions.
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