Cardano Slips to $1.5700 – Brace for a Breakout Trade
Arslan Butt•Tuesday, November 30, 2021•2 min read
The ADA/USD closed at $1.6015, after placing a high of $1.6348, and a low of $1.5582. The ADA/USD also followed the prevailing market trend, moving higher for the third consecutive session on Monday. After dropping to its lowest level since August, the ADA/USD surged in the subsequent session.
Cardano is working, together with its community, on a project named CardanoEvo, to create a token that delivers rewards in ADA, while also protecting user investments from bots and whales, and delivering investment stability. The token-holding community is rewarded with a new and innovative form of token rewards, but so far, there has never been a project that has managed to create a community that is strong enough to work on the design with the development team, which makes Cardano the very first of its kind to do so.
The project was funded in May 2021, and, since its inception, it has successfully launched both its website, EvoDashboard, and a Merchandise store. This has been driving the prices of the Cardano token, ADA, to the upside recently.
Furthermore, the prevailing positive sentiment in the market also added to the rising prices of ADA/USD on Monday. However, the gains were limited, due to the rising strength of the US dollar. The greenback was high on board, due to its safe-haven status, amid the accelerated spread of the Omicron variant. The increasing value of the greenback limited any rise in the prices of the ADA/USD on Monday, due to the negative correlation between the two.
Cardano price forecast – Pressure from a downtrend trendline
The ADA/USD coin is facing strong resistance at the 1.6270 level, having fallen to the 1.5627 support level pretty quickly. A breakout at 1.1527 could expose the ADA/USD pair to levels of 1.5000 and 1.4225 on the lower side.
On the higher side, a breakout at the 1.6250 level could drive an uptrend until the 1.7585 level. Further to the upside, a breakout at 1.7585 could lead the price of ADA/USD towards the 1.8536 level.
Daily Technical Levels
Support Resistance
1.5616 1.6382
1.5216 1.6748
1.4850 1.7148
Pivot Point: 1.5982On the lower side, a breakout at the 1.5457 level might open up further room for selling until 1.4224. So let’s wait for a breakout before entering the market. Good luck!
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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