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Technical Analysis for ADAUSD for 9th November 2021

Cardano Revival, ADA/USDT Bulls Optimistic of a Breakout above $2.3

Traders and analysts are banking on the solid foundation of Cardano and the ground-floor opportunities offered by dApps planning to launch on the peer-reviewed smart contracting platform. Cumulatively, this would likely propel ADA to—and above—recent highs.

Past Performance of ADA

From the daily chart, ADA prices are quite underwhelming. 

Notably, prices are within a tight consolidation inside the October 27 bear candlestick. 

Although Cardano bulls are upbeat from a fundamental perspective, ADA/USDT candlestick arrangement as visible in the CryptoAltum price chart offers a blink outlook in the short term.

What to Expect of ADA

There is a clash of perspectives when writing. 

On one end, fundamental events are solid, propping ADA prices and bulls who expect ADA prices to outperform the BTC or ETH in the medium term. 

However, ADA/USDT prices are still boxed in a high-volume, wide-ranging bar favoring sellers from a volume analysis. 

A close below $1.8 would dim buyers, allowing sellers to press lower towards $1.5. 

On the flip side, there would be cause for excitement if there is a breach of $2.3--the primary resistance.

Cardano Technical Analysis

ADA/USDT prices are accumulating (distributing) when writing inside the bear candlestick of late October. 

While there are higher highs, buyers will be disadvantaged if losses ADA breaks below $1.8—the immediate support line. 

In that case, and as mentioned earlier, ADA prices may slide to $1.5. 

However, buyers may build momentum to clear $2.3 if there is a decent high volume close above the October 27 highs in the short term.

Resistance level to watch: $2.3

Support level to watch: $1.8

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

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