Technical Analysis for ADAUSD for 30th November 2021
Cardano has Rock-Solid Fundamentals, will ADA Bulls Hold Prices above $1.5?
Past Performance of ADA
ADA is down over 50 percent from August 2021 highs, poking holes in the validity of the uptrend.
From the ADAUSDT price performance in the daily chart, there is a reprieve for buyers.
Even so, prices are still stuck inside last week's trade range, precisely capped by the wide-ranging bear bar of November 26.
What to Expect of ADA
The rejection of lower lows and higher highs relative to the lower BB signals strength.
It may be a silver lining for buyers. Nonetheless, price action is skewed, favoring sellers.
However, if there is a strong build-up of momentum from the spot rate, bouncing from the 78.6 percent Fibonacci retracement level of the Q3 2021 trade range at around $1.5, ADA prices could recover in the short term.
If not, and sellers flow back to rewind losses of over the weekend, ADA may tumble to Q3 2021 lows of around $1.
Cardano Technical Analysis
Cardano's fundamentals are strong, signaling that ADA prices might be undervalued.
The expected market equilibrium, therefore, might lead to the re-pricing of the coin.
If ADA bulls' build-up from the Fibonacci retracement level at $1, ADAUSDT may lift-off towards $2 in sessions ahead.
Based on this outlook, price surges above $1.7, and November 26 may ignite demand, drawing aggressive ADA traders into the equation.
On the flip side, a complete reversal of recent gains below $1.5 could trigger a sell-off that may see ADA dump to $1—Q3 2021 lows.
Resistance level to watch: $1.7
Support level to watch: $1.5
Disclaimer: Opinions expressed are not investment advice. Do your research.
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