Key takeaways
Is Cardano Price Prediction Bearish for November?
Liquidity indices and the importance of the $0.51 support mean that, despite the recent bearish pressure, a near-term price rebound up to $0.62 is likely.
What else should Cardano traders expect in the coming weeks?
A flexible mindset would help. The current rebound could lose strength to $0.56, or the $0.62 level could be reclaimed as support, depending on the demand volume and price movements of Bitcoin.
Cardano (ADA) has been going through a rough patch in the markets in recent weeks. Since November 3, Cardano has lost 12.7%, going from $0.61 to $0.532.
This drop means that the $0.6 level, which served as support, has been lost to the bears.
The price drop evolved after a volatile Monday and a sharp correction in Bitcoin (BTC). Despite Coinbase’s whale outflows, which signaled accumulation, the selling pressure was overwhelming.
The analysis noted that the whales were unlikely to send the ADA into recovery, and that is what happened. What is the next Cardano price prediction?
Cardano Price Prediction Shows Upcoming Volatility and Downtrend
Source: ADA/USDT on TradingView
On the weekly chart, the price was back at the base of the June low. Additionally, the November 2024 rally means that the longer-term swing structure (dotted orange) has remained bullish.
A weekly session closing below $0.51 would invalidate the idea of a bullish reversal.
Source: ADA/USDT on TradingView
The daily time structure (yellow) was bearish. The OBV was near June-July lows. Weekly and daily time frames suggest $0.51 is a last stand for the bulls on higher time frames.
Losing this level would likely take ADA back to $0.32. The moving averages have captured the strong bearish momentum since early October.
Source: ADA/USDT on TradingView
Now that $0.51 is established as a high probability bounce zone, how far can the bounce go? The 4-hour chart OBV was in a persistent downtrend.
The $0.56 and $0.6 areas, highlighted in red, are the overhead supply zones to watch. A rebound in prices to these levels would likely result in a resumption of the downtrend.
Source: CoinGlass
Traders should remember that a retest of either resistance level might not immediately result in a bearish reaction. There is liquidity at these levels and just above, notably at $0.62. This magnetic zone was dense with short liquidations and could be the next short-term price objective.
Therefore, a rebound in ADA to $0.62, followed by another downward move to $0.51 or lower, is likely in November.
Disclaimer: The information presented does not constitute financial, investment, business or other advice and represents the opinion of the author only.
