Cardano (ADA) started an exciting journey in October, rising an impressive 15.4%. This upward momentum has ADA enthusiasts excited about what November could bring. But as crypto market volatility remains constant, what’s in store for ADA in the coming month? ADA is currently valued at $0.291, which represents an increase of 1% in the last 24 hours. It ranks 8th in the crypto market with a market capitalization of $10.26 billion.
TVL reached $197 million, historically a good month?
Cardano’s recent price increase is inextricably linked to the total value of the ecosystem (TVL). DeFiLlama facts highlights that Cardano’s TVL increased by 27.94% to $197 million over the past two weeks. Notably, the two prominent DeFi projects, Minswap and Indigo, account for a significant $92.36 million of this TVL. This rapid increase in TVL not only reflects growing confidence, but also signals increased adoption of Cardano. With more assets in the network, ADA could potentially continue its rally towards the coveted $0.5.
Historical clues through Cryptorank indicate a bear sign as the trends point to a possible minor correction for ADA this month. While the average monthly return for ADA in November is an impressive 43.5% over the years, the average monthly return indicates a decline of -2.5%. That builds on the scenario of just one November with a significant increase of 85%.
This leaves ADA traders with two choices for November: a potential breakout above $0.3 per token or a bearish trend towards $0.25. Are you considering buying Cardano this month? Wait a minute, there’s more to the story.
November has mixed scenarios: will bulls beat the bears?
In this context, November ADA holders face three possible scenarios. First, a bullish scenario could see the ADA rise to $0.41 per token, driven by growing TVL and the potential introduction of significant upgrades by the Input-Output Global (IOG) team.
The second scenario is more neutral; ADA could continue to trade around the current price of $0.29, waiting for a major catalyst to break the $0.5 barrier. The final scenario where the bears take control involves a less likely decline to previous levels around $0.24, possibly driven by broader market swings or negative news.
The ADA’s bullish divergence observed in the Relative Strength Index (RSI) and moving averages is an encouraging sign. Although temporary pullbacks may occur due to external factors, the bullish trend remains intact, offering hope to ADA enthusiasts.
As the ADA enters November, uncertainty prevails, with the potential for bullish developments and global economic risks on the other side. Ultimately, the true trajectory of ADA’s November journey will be revealed over time.
