ADA Stable at $0.13, Goguen May Offer Support
Crypto assets have been dumping in the last few days. The Cardano price is also tumbling. ADA prices is down $0.08 from $0.19 of on Nov 24. It is now (on Nov 27) trending at around $0.13 but fell to $0.11 on Nov 26.
Price may be stable at the time of writing (Nov 27). However, price action favor bears in the immediate term.
Possible support and resistance levels stand at $0.11—the recent lows of Nov 26–and $0.19, Nov 2020 highs of on Nov 24.
Cardano (ADA) Price Overview
The short-term price action is bearish; sellers are temporarily in control. A possible supporting observation is the rapidity of the last few days’ dump that saw ADA fall from $0.19.
Week-to-date, the Cardano price is up 30 percent but has been dislodged from the top-10 largest coins by market capitalization by Stellar Lumens (XLM).
The support zone between $0.11 and $0.12 is vital for buyers. Losses below these supports—previous resistance levels mostly representing the accumulation of mid-August to early November, could be consequential.
From the chart, ADA may dump further towards $0.07 and $0.08, respectively.
On the flip side, high volume support and even a double bar bullish reversal pattern may signal the resumption of the early November buy trend. In that case, the immediate buy target will be $0.19.
Cardano (ADA) Market Movers
Charles Hoskinson and IOHK are actively working on the project. They are halfway through before Voltaire.
Once active, the platform will completely support smart contracting and be scalable. For now, Shelley is active and staking is possible. Ahead of this mainnet activation, the Cardano price till after the upgrade on July 29, before tapering.
Like events ahead of Shelley, ADA prices may rally ahead of Goguen. The update will introduce smart contracting. The first Hard Fork Combinator (HFC) is set for early December. The other two will be released before Goguen happens in mid-February 2021.
The lead of IOHK, the development wing of Cardano, said more updates are set for December.
Most of them will touch on smart contracting code (Haskell), IELE—Cardano’s Virtual Machine, and progress made thus far.
Whether they will be clarifications or not, the community is looking forward to.
Cardano (ADA) Price Prediction
The Cardano price is down but bullish from a top-down approach.
Although bears are in control, the uptrend is still valid. Aforementioned, the zone between $0.11 and $0.12 is important for buyers in the medium term. If the current dump continues, how bulls react at this zone will determine the ADA price trajectory in Dec 2020 and early 2021.
Notably, $0.11 and $0.12 coincide with the 50 and 61.8 percent Fibonacci retracement levels, providing estimates of possible correction levels. A reversal from $0.11 may help steady prices as ADA retests three-month support, previous resistance line, in readiness for a reversal towards $0.19.
On the other hand, deeper losses and complete reversal of early November 2020 could see ADA prices fall to $0.08.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.