- Cardano price sees bullish traders remaining quite absent in the overall volume.
- ADA sees its RSI still flatlining, making it a golden opportunity to jump higher.
- Expect a catchup in the coming weeks with a bullish squeeze before the end of the year.
Cardano (ADA) price action is trading in more quiet waters as the spillover effects and aftermath of FTX and BlockFi bankruptcies are finally easing into the background. No real dominoes are likely to be added to the mix before year-end, and these more placid waters could attract back traders into the cryptocurrency. Desks and individual traders are looking to position themselves for 2023. With several tail risks deflating and the US Dollar off the highs, ADAcould be the trade for 2023.
ADA is a cheap bargain at these levels
Cardano price is currently moving away from $0.30, the low in 2022, and is even seeing its price action becoming underpinned. No real bullish breakout has arrived just yet, but rather some small signs are emerging that bulls are slowly but surely flocking into the much-battered cryptocurrency that has received one punch after another ever since FTX collapsed. Trust seems to be getting restored, and the Relative Strength Index (RSI) is still close to the oversold barrier.
SOL thus has room for upside, with the red descending trend line and the new monthly pivot for December coming in around $0.350. It is no coincidence that the 55-day Simple Moving Average is nearly coming in on that same level. A bullish breakout above here would be perfect, but traders must stay focused on the 10% gain they could book if SOL tests resistance in the coming weeks and leave the breakout for next year.
ADA/USD weekly chart
Defining that underpinning and that lowest level for 2022 at $0.296 becomes a target on the back of ADA bulls. Bears will gladly try to use some surprises in economic data numbers that could point to higher inflation to run price action back into the ground. Should $0.296 break and print fresh lows for 2022, expect to see possibly a full meltdown toward $0.200, a pivotal level for November of 2021 and bearing a 35% devaluation.
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
Editors’ Picks
Worldcoin Price Prediction: Is WLD done with uptrend after 77% rally?
Worldcoin has paused its uptrend as it currently trades at $1.57. This move comes after the altcoin rallied a whopping 77% in just three days, between September 13 and 16. As WLD hovers aimlessly, investors need to be patient to catch the next volatile move.
Ethereum whales prepare ahead of futures Ethereum ETF approval on October 2
Ethereum (ETH) price is likely going to witness a massive spike in volatility soon due to the circumstances surrounding the approval of the token’s futures Exchange-Traded Fund (ETF). According to Twitter users, the ETF is likely going to be approved on October 2.
Ripple Price Forecast: Declining network growth and underwater XRP holders suggest more downside for XRP price
Ripple (XRP) price shows a lack of buying pressure after its win against the US Securities and Exchange Commission (SEC) on July 13. Since then, the remittance token has been on a downtrend. Considering Ripple’s current position, a further decline would not be surprising.
Chainlink Price Prediction: LINK bears set to wipe 25% gains
-637336005550289133_XtraSmall.jpg)
Chainlink price shows an exhaustion of the bullish momentum as it approaches a key reversal zone. This development could see LINK trigger a steep correction that could undo recent gains.
Bitcoin: BTC downside likely after 20-week EMA culls bulls
Bitcoin (BTC) bearish price fractal, as discussed in a previous article, is underway, but the lack of volatility is causing ambiguity and doubt. Regardless, BTC might see a bit of an upside before the long-term bearish scenario plays out.