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Technical Analysis for ADAUSD for 2nd November 2021

Cardano Price Underwhelming, ADA/USDT Boxed by Sellers and Can Slump to $1.5

Cardano's Project Catalyst Fund6 is funding 151 projects and 21 community challenges. In total, over 300 projects set for launch on Cardano have received support from this initiative. Many more will launch following the activation of smart contracts.

Past Performance of Cardano

Although fundamental events are positive, supportive of the ADA coin, the short-term performance has been underwhelming. 

ADA/USDT prices are in a downtrend as per the candlestick arrangement in the daily chart in a bear breakout pattern.

What to Expect of Cardano

As per the ADA technical analysis of the daily chart, sellers are in control as long as they trend within the October 27 bear bar. 

Notably, when writing, ADA prices are beginning to align with the lower BB suggesting weakness and increasing selling momentum. 

A close below $1.8 would likely confirm selling pressure of late October, forming the base for possibly more losses towards $1.5. 

A close above $2.1 may, on the other hand, be the basis for a buy trend resumption above $2.3.

Cardano Technical Analysis

ADA is trailing BTC and the USD on the last trading day. 

From volume analysis, candlestick arrangement suggests that sellers are in the driving seat. 

However, this would change if Cardano bulls flow back, rewinding losses of October 27. 

Notice that ADA/USDT prices are still defined by the high volume wide-ranging bear bar. 

A close below $1.8 confirms sellers of late October, possibly pushing ADA back to $1.5 in a retest. 

On the flip side, encouraging gains above October 27 highs could be the building blocks for a rally towards $2.3—and beyond.

Resistance level to watch: $2.1

Support level to watch: $1.8

Disclaimer: Opinions expressed are not investment advice. Do your research.

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