-
Cardano price ended its two-week downtrend on November 25.
-
A flip of the $0.321 hurdle will confirm a bullish resurgence and potentially catalyze an 18% upswing.
-
Invalidation of this optimistic outlook will occur if ADA produces a lower low below the $0.300 support level.
Cardano price reveals the start of a bullish move that could extend into a nice, explosive rally in the coming days. ADA investors, however, need to exercise caution due to month-end volatility.
Cardano price does not slow down
Cardano price action between November 11 and 25 shows that a trend line can be drawn connecting the four lower highs formed in the same period. On November 26, however, ADA saw a sudden spike in selling pressure, which pushed it above the aforementioned trend line.
After overtaking this blockade, Cardano price is currently grappling with an overhead hurdle at $0.321. Traders need to exercise caution and enter long positions after ADA flips the $0.321 resistance level into a support floor.
In such a case, Cardano price could trigger an 18% upswing to $0.382.
ADA/USDT 4-hour chart
Supporting this bullish move for Cardano price is the 30-day Market Value to Realized Value (MVRV) model hovering around 8% after bouncing from a low of -14%.
This index determines the average profit/loss of investors that purchased ADA over the past month. Based on Santiment’s research, a value between -10% to 25% is ideal for recovery rallies to kickstart.
For the last four months, any declines in this on-chain metric from 11.3% to 28.3% have resulted in a bottom formation. Although past results do not indicate future outcomes, investors need to pay attention to this strategy as it could trigger a run-up.
ADA 30-day MVRV indicator
While things are looking up for Cardano price, a breakdown of the $0.300 support level will invalidate the bullish thesis. This development will allow ADA to revisit the $0.310 support level.
Here's how Bitcoin's moves could affect Cardano price
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
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.