Technical Analysis for ADAUSD for 11th November 2021
Will Cardano Break Above October 2021 Highs for a Rally to $3?
Past Performance of ADA
There has been a revival of ADA/USDT prices as per the CryptoAltum price feeds.
After lower lows in the better part of October, the resurgence of Cardano bulls makes for a solid base for a possible break above the critical resistance.
Follow-through of this week’s upsurge may see ADA spring back to all-time highs even despite the pullback of November 10.
What to Expect of ADA
From the ADA technical analysis of the daily chart, buyers appear in control even in the face of strong selling pressure.
Nevertheless, the contraction of prices on November 10 might have provided entries for risk-off traders to double down in anticipation of a close above the primary liquidation line at $2.3.
A high volume upthrust mirroring gains of November 9 lifting the coin above October 2021 highs may see a spring rally to $3 in a buy trend continuation pattern.
Cardano Technical Analysis
Overall, Cardano fundamentals are solid, anchoring optimistic buyers in spite of deep losses of November 10. Because of this general preview, ADA prices are technically firm to the upside.
From the daily chart, ADA/USDT prices found support at the 61.8 percent Fibonacci retracement of the Q3 2021 highs.
Historically, trend resumption from this level often leads to a retest of the swing high, this time at $3.
Therefore, the level of participation above $2.3, reversing yesterday’s losses, may determine the rapidity of the march up to retest all-time highs as buyers take control.
Meanwhile, a surprise dump below $2 and later $1.8 may see ADA/USDT disintegrate to $1.5.
Resistance level to watch: $2.3
Support level to watch: $2
Disclaimer: Opinions expressed are not investment advice. Do your research.