- Cardano price bounces back 1% on Friday ASIA PAC session after a violent week.
- ADA tries to tie up with gains as markets made a nosedive move again on Thursday night.
- With markets burning, ADA could be the guiding light to the promised land.
Cardano (ADA) price action is notwithstanding a violent risk-asset sell-off that has been going on for almost the whole week. The Nasdaq is leading the way in the sea od red that is spilling the markets, with Tesla and Twitter at the top as Elon Musk is losing investor confidence in the businesses he is involved in. This is putting remaining pressure on risk assets, limiting any upside for Cardano price and other cryptocurrencies.
Cardano price will try for 15% gains
Cardano price popped higher this morning, shaking off the sell-off of Thursday night in United States equities yet again. Unfortunately, ADA is trading a bit lower now as bulls received a firm rejection from the topside at $0.265, the low of December 24, 2017, and the monthly S1 support level. As long as bulls can keep Friday profitable, some follow-through should be in there for the coming days.
ADA price could be seen running away higher over the weekend as thin little trading action opens up room for bulls to make large price jumps with a marginal effort. Although the 55-day Simple Moving Average (SMA) at $0.324 with a pivotal level looks promising, the current backdrop makes it too far off. Rather look for $0.300 with that pivotal level and perfect technical test and break at $0.297 throughout November as a profit-taking level, bearing potential 15% gains.
ADA/USD daily chart
As mentioned above, that rejection is still unfolding as we speak. Should United States equities take another step back and drop further lower, risk comes with a possible negative downbeat trading day. Certainly, should $0.247 break lower and print a new low for the year, then a nosedive move could unfold in Cardano price. The falling knife could slice through the price action towards $0.194 near the low of November 30.
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