Will Cardano Price Hit $0.5 In November?

by

As a seasoned crypto investor with over a decade of experience navigating the volatile waters of the digital asset market, I find myself intrigued by the Cardano price analysis presented here. The symmetrical triangle pattern, coupled with the MVRV ratio plunge and whale accumulation data, paints an interesting picture for ADA investors like me.

During the trading session on Sunday, the price of Cardano fell by 4.8%, reaching $0.33. This significant drop might have been triggered by the bearish trend that ensued after Bitcoin‘s price dipped below $68,000. As the overall crypto market experienced increased selling pressure ahead of the U.S. presidential election, this could potentially lead to an extension of the correction. However, there remains a possibility that the decline may encourage ADA buyers to mount a comeback and push the price towards $0.5 in November.

Will Cardano Price Reach $1.05 This November? 

As the United States prepares for its presidential election in 2024, there’s a resurgence of optimism in the cryptocurrency market. This bullish energy has allowed the Cardano price to transition its previous downward trend into a more stable one.

Starting from mid-June, the price of Cardano has been moving within a range defined by two converging trendlines, suggesting the emergence of a symmetrical triangle chart pattern. This pattern typically signifies a brief period of consolidation, where the price oscillates between a support level and a resistance level, before resuming the dominant trend.

If market corrections continue, the price of ADA might dip an additional 2.8%, aiming to find stability along a trendline that’s been holding strong since June 2023. Previous data indicates that when ADA finds support here, it often leads to recovery ranging between 35% and 250%. As such, the price of ADA could fortify its position at this lower support level and potentially make a bullish attempt to break through the current correction’s key resistance at $0.37.

To hit the $0.5 target by the end of December, crypto investors should aim for a price surge (breakout) in the cryptocurrency market no later than mid-November.

Will Cardano Price Hit $0.5 In November?

Whale Accumulation and MVRV Data Hint at Cardano Price Recovery

Based on Santiment’s data, I’ve noticed that the 30-day Market Cap to Realized Cap Ratio (MVRV) has dipped to a -6.37%. This ratio, which assesses an asset’s market capitalization against its realized capitalization, serves as a gauge for determining whether the asset might be overvalued or undervalued in the current market conditions.

Historically, when the MVRV ratio falls below -6%, it has tended to mark local market lows. This negative value suggests that short-term traders who are currently in a losing position may choose to sell off their assets if the downtrend continues. As these speculative traders exit the market, they often create opportunities for long-term investors, leading to a sustained market recovery.

Will Cardano Price Hit $0.5 In November?

Over the past four months, there has been a substantial increase in the amount of ADA coins held by large buyers (100 million to 1 billion coins) – rising from 2.06 billion to 2.95 billion. This growing trend suggests that major investors are becoming more confident in Cardano’s long-term prospects, as they continue to accumulate the digital currency.

Will Cardano Price Hit $0.5 In November?

Historically, when large investors (often referred to as “whales”) amass a significant amount of an asset like Cardano, it can signal strategic buying and less pressure to sell. Typically, this is a sign that a rising trend in price might follow. However, if the selling pressure at the current resistance trendline remains strong, the price of Cardano could continue its sideways movement for a longer period.

Read More

2024-11-03 23:18