• 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

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.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: Fed-led rally could have legs towards $65,000

Bitcoin Weekly Forecast: Fed-led rally could have legs towards $65,000

Bitcoin has risen 7% so far this week, supported by the US Fed interest-rate cut and more than $300 million in ETFs inflows. The recent surge led BTC price to shatter several key technical resistance levels, a sign that the current two-week rally has likely some more way to go towards $65,000.

More Bitcoin News
Ethereum, BNB and POL holders on the watch as BingX faces loss of $26 million in hack

Ethereum, BNB and POL holders on the watch as BingX faces loss of $26 million in hack

Crypto exchange BingX said on Friday that it suffered a hack, an attack that led to “minimal” losses that researchers at PeckShield estimate at $26.68 million.  The attacker swapped the stolen altcoins for Ethereum, Binance Coin and Polygon tokens, according to on-chain data. 

More Cryptocurrencies News
Pepe price forecast: Eyes for 30% rally

Pepe price forecast: Eyes for 30% rally

Pepe extends the upward movement on Friday after breaking above the descending trendline and resistance barrier on Thursday. PEPE’s dormant wallets are in motion, and the long-to-short ratio is above one, further supporting this bullish move and hinting at a rally on the horizon.

More PEPE News
Shiba Inu is poised for a rally as price action and on-chain metrics signal bullish momentum

Shiba Inu is poised for a rally as price action and on-chain metrics signal bullish momentum

Shiba Inu remains strong on Friday after breaking above a symmetrical triangle pattern on Thursday. This breakout signals bullish momentum, further bolstered by a rise in daily new transactions that suggests a potential rally in the coming days.

More Shiba Inu News
Bitcoin: Fed-led rally could have legs towards $65,000

Bitcoin: Fed-led rally could have legs towards $65,000

Bitcoin (BTC) has risen 7% so far this week, supported by the US Federal Reserve (Fed) interest-rate cut and more than $300 million in ETFs inflows. The recent surge led BTC price to shatter several key technical resistance levels, a sign that the current two-week rally has likely some more way to go towards $65,000.

Read full analysis
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

BTC

ETH

XRP