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Home»Altcoins»Cardano’s price forecast shows that the ADA is expected to rise above $1. How?
Altcoins

Cardano’s price forecast shows that the ADA is expected to rise above $1. How?

2024-11-20No Comments2 Mins Read
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Journalist

Posted: November 20, 2024

  • Cardano showed a bearish momentum divergence on the daily chart.
  • The liquidation chart and resistance at $0.787 could lead to a small price decline.

Cardano [ADA] was strongly bullish on the daily and weekly time frames. The altcoin is up 38% over the past week and is up 146.7% since bottoming on Monday, November 4.

Bitcoin last week [BTC] has increased by 5%. It could be due to a small dip towards $90k this weekend, which traders could use to go long Cardano.

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

Cardano Price Prediction

Cardano weekly chartCardano weekly chart

Source: ADA/USDT on TradingView

The weekly chart showed that Cardano set a new 2024 high last week. At the time of writing, it looked like the upward trend would continue.

The $0.6 zone, which was expected to serve as resistance, delivered a small rejection on November 11. A few days later, this problem was overcome and Cardano was able to rise to $0.819.

On the weekly chart, the RSI stood at 79.25, indicating intense upward momentum. There was no bearish divergence on the weekly chart, but a bearish divergence did emerge on the daily chart.

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

A small dip to $0.705 was possible. Meanwhile, the OBV has risen rapidly in November due to increased demand for the token.

Even more reasons for ADA’s dip

Cardano liquidation cardCardano liquidation card

Source: Mint glass

The 30-day liquidation chart showed that there were many long liquidation levels present in the region of $0.741-$0.781.

See also  XRP Price Steadily Rises With Swings: Can It Maintain Momentum?

A price drop in this area could remove a significant amount of liquidation levels and potentially lead to a deeper decline towards $0.726.


Read Cardanos [ADA] Price forecast 2024-25


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

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

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

Next: PEPE apes Dogecoin’s 2021 pattern: How high can the memecoin go?

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ADA Cardanos expected Forecast Price Rise Shows
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