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Cardano’s ADA is currently trading below the crucial $1 mark and is down by more than three percent in the last 24 hours. The coin is facing resistance at a crucial level known as the “golden pocket.” This resistance is between $1.13 and $1.23. Analyst Josh of Crypto World gave a detailed analysis in his latest video. Here’s a breakdown of the analysis:
Support Around $0.82 to $0.83
Right now, Cardano is testing its 50% Fibonacci retracement level, which previously acted as resistance but should now serve as support. This level is around $0.82 to $0.83. If Cardano holds above this range, it may find support here and bounce back. However, if the price drops below this level, further downside could be expected.
Potential Breakout to $1.76
If Cardano manages to break through the golden pocket resistance zone (between $1.13 and $1.23), the next major target could be around $1.76. However, this move will only happen after a confirmed breakout above the resistance zone, which has not occurred yet.
Short-Term Bearish Trend Observed
Cardano is currently in a descending parallel channel, indicating a short-term bearish trend. While the long-term outlook remains bullish, with higher lows and higher highs, the short-term trend is currently down.
Support Levels to Watch
For the short-term, Cardano is testing a golden pocket support level between $0.88 and $0.89. If this level breaks, the next support could be around $0.83. If that doesn’t hold, the price may drop further toward $0.76 to $0.77.
Resistance Levels to Monitor
On the upside, Cardano faces resistance around $0.94, with further resistance at $0.98 and near $1.07. These levels could prevent the price from moving higher if the bearish trend continues.