Can ADA Price Sustain November’s Rally and Reach $1.50?
Cardano (ADA), one of the top-performing cryptocurrencies has had a remarkable 190% surge this November. ADA price as well as the broader market, is showing bullish momentum with a breakout from key resistance levels. It is grabbing attention from the investors.
Analysts are of the opinion that if the momentum continues to remain bullish, the altcoin may also climb as high as $1.50.
The current upward momentum of ADA has been spurred by the growing market sentiment. That coupled with a number of technical indicators forecast more up movements for ADA price.
Although ADA has undergone intermittent corrections, it has remained bullish and has even aimed for higher price targets.
Fibonacci Retracement Levels Point to $1.15, $1.36, and $1.54
Fibonacci retracement levels are a factor actively identified by technical analysts in ADA price predictions. The 0.786 Fibonacci level has become a crucial support area, suggesting that a minor pullback could follow. This movement could set the stage for a breakout, with analysts pinpointing three short-term price targets for Cardano: $1.15, $1.36, and $1.54.
A breakout above the first target at $1.15 would be a very important resistance level to surpass, which would signal strength to continue the move higher towards the second target of $1.36.
Breaking this level may expose the way to the third target of $1.54 that fits with analysts’ bullish forecasts. There is potential for continued upward pressure if ADA price can keep its momentum.
However, despite the strong rally, technical indicators signal some caution ahead. ADA is in an overbought zone with the Relative Strength Index standing at 75. Often such levels have subsequently been followed by corrections/consolidations just before continuing upwards.
Moreover, on the bullish momentum side, the Moving average convergence divergence (MACD) indicator also shows a MACD line that is just ahead of the signal line.
While these indicators indicate further strength in ADA, the overbought conditions suggest a retracement could happen before it could re-test these higher levels at first. Such a pullback could mean an opportunity for the cryptocurrency to have a period of consolidation and put in support before attempting to break through resistance at $1.50, though.
Cardano (ADA) Price Long-Term Potential and Market Outlook
Furthermore, Cardano’s price movement in November appears similar to its 2021 bull run, indicating the possibility for more gains. The bullish narrative of ADA has been reinforced due to its ability to break above $1.12 earlier this month, which analysts have noted as the highest price of ADA in more than two years. Nevertheless, the altcoin is facing strong resistance near the $1 level, which is a critical hurdle for the cryptocurrency.
Cardano should maintain the bullish trajectory and even surpass the $1 resistance zone for potential further move toward $1.50 in the weeks ahead. The direction ADA will take next is dependent on broader market conditions, with Bitcoin’s price stability key to that.
At press time, Cardano (ADA) is trading at $0.99 and is up 10% in the past 24 hours, with a market capitalization of $34 billion. With bullish sentiment, growing investor interest could see ADA continued rally.
