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Cardano (ADA) Price Analysis for November 8

Price Predictions
Mon, 11/08/2021 - 15:59
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Denys Serhiichuk
How great are Cardano's (ADA) chances to keep the rise in the mid-term scenario?
Cardano (ADA) Price Analysis for November 8
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The cryptocurrency market has begun the new week with a sharp rise as the majority of the coins are green.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

ADA/USD

The rate of Cardano (ADA) has increased by 1.05% over the past 24 hours; however, this is far less than the growth of the main crypto.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

Cardano (ADA) has bounced back the EMA 55 on the hourly chart. However, the growth was not accompanied by high trading volumes, which means that if it returns to that area, there is a high chance to see a breakout.

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From another point of view, the ongoing rise may continue to the nearest local resistance at $2.062, where bears might again seize the initiative.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

On the 4H chart, the situation is less positive as it could not fix above the zone of $2.050. If it breaks the EMA 55, the drop may lead ADA to the zone of the most liquidity around $1.979.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

Cardano (ADA) made a false breakout of the $2 vital level. At the moment, bulls keep controlling the situation on the market. If the trading volume increases, the growth may lead the altcoin to the liquidity level at $2.140.

ADA is trading at $2.031 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.