Bitcoin
BTC$76 064.81

0.08%

Ethereum
ETH$2 914.44

2.30%

Tether
USDT$1.000636

-0.02%

Solana
SOL$197.59

1.92%

Binance Coin
BNB$592.90

-1.02%

USD Coin
USDC$0.999657

-0.03%

Cardano (ADA) Is Solidifying the Range


November 2020

The last article devoted to Cardano (ADA) ended with us predicting that the price will get range-bound after an unsuccessful attempt to reach the resistance at $0.12. This ADA price prediction had worked out almost with clockwork precision as the 10th cryptocurrency saw a slight push to the upside but got rejected at $0.114 and pressurized back into the range between $0.09 and $0.1, where is loiters now, priced at $0.092, with all of its performance stats from the past month being in the red:

Ranging against USD, capitulating in the BTC market


There’s no denying the fact that Cardano remains fundamentally one of the strongest altcoins, with fundamentals driving its recent bull rally from $0.016 to $0.15, an 800% gain in little over six months. But the latest renaissance of Bitcoin saw it regaining almost 10% of total market capitalization (dominance), which has ultimately taken a lot of puff from altcoins, including ADA. 

Year-to-date ADA chart

The YTD chart demonstrates when the buyers ran out of fuel and began to give in to the opposition, which led to the dilution of the previously strong uptrend structure. The price made a lower high at $0.8 but then spanned right at the beginning of its path to a higher high. On the macro level, it’s crucial for the buyers to defend $0.08 to keep the hopes of uptrend continuation alive.

Key price levels:

1-week ADA/USDT chart

Cardano’s current devotion to the range becomes even more obvious on the weekly time frame, where it shows complete respect to the support/resistance levels that we have established in the previous ADA price prediction articles and the Fibonacci retracement levels. We see here that the price is trying to reach the more distant levels with the wicks, which implies that the consolidation range might be extended to $0.078 and $0.12, thus providing more room for price fluctuations. 

Key price levels:

1-week ADA/BTC chart

The situation in the pair with Bitcoin is far from being optimistic for ADA since we see a cascading drop from 1,590 satoshis to the current price level at 667 sats, courtesy of the latest BTC resurgence. Here the price is likely to fall to the established support at 604 satoshis that converges with the 38.2% Fibonacci retracement level. As Stochastic suggests, ADA’s fall will be put to a halt at that price level.

Author: Alex Paulson for Crypto-Rating.com

Related

Cardano vs XRP: Delving Deep into Two Leading Cryptocurrencies
Cardano vs XRP: Delving Deep into Two Leading Cryptocurrencies
Solana and Cardano Price Analysis: Solana Maintains Ground at $23.00
Solana and Cardano Price Analysis: Solana Maintains Ground at $23.00
Crypto Trading: Cardano vs. XRP - A Comprehensive Comparison
Crypto Trading: Cardano vs. XRP - A Comprehensive Comparison
Cardano (ADA) Price Prediction for 2025 and 2030: Will Hoskinson's Creation Become the Real Ethereum Killer?
Cardano (ADA) Price Prediction for 2025 and 2030: Will Hoskinson's Creation Become the Real Ethereum Killer?
Cardano (ADA): Reversed to the Upside But Could Get Range-Locked
Cardano (ADA): Reversed to the Upside But Could Get Range-Locked
Cardano (ADA) Sees a Deepening Correction
Cardano (ADA) Sees a Deepening Correction
Cardano (ADA) Is This the End of a Massive Rally?
Cardano (ADA) Is This the End of a Massive Rally?
Cardano (ADA) Charges Strongly on All Fronts
Cardano (ADA) Charges Strongly on All Fronts
Cardano Is Landsliding Despite the Launch of Hydra
Cardano Is Landsliding Despite the Launch of Hydra

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 83.2% 31 $76 064.81 0.08% 8.61% $1 504 523 633 485 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 82% 24 $2 914.44 2.30% 15.68% $350 956 842 345 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.8% 1 $1.000636 -0.02% 0.07% $122 031 247 565 USDT 7 days price change
4 Solana (SOL) SOL Solana predictions 70% 54 $197.59 1.92% 18.72% $93 177 120 083 SOL 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 93.6% 5 $592.90 -1.02% 3.00% $85 436 312 074 BNB 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 94% 1 $0.999657 -0.03% -0.05% $36 900 654 879 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 90.4% 12 $0.548967 -0.59% 5.45% $31 218 999 526 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 65.2% 65 $0.193351 -0.32% 19.75% $28 366 116 254 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 86% 14 $0.442978 13.17% 24.62% $15 505 550 481 ADA 7 days price change
10 TRON (TRX) TRX TRON predictions 94% 2 $0.161050 0.45% -3.55% $13 918 433 792 TRX 7 days price change
11 Toncoin (TON) TON Toncoin predictions 88.8% 20 $4.91 -0.47% -0.46% $12 488 805 556 TON 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 74.8% 44 $27.86 0.79% 11.19% $11 344 625 411 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 55.6% 94 $0.000019 -1.04% 5.68% $11 001 830 900 SHIB 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 92.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 92.8% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.