Key Takeaways
Is the Cardano price prediction bearish for November?
The liquidity clues and the importance of the $0.51 support meant that, despite the recent bearish pressure, a short-term price bounce to $0.62 is likely.
What else should Cardano traders expect in the coming weeks?
A flexible mindset would be useful. The current bounce might lose strength at $0.56, or it might see the $0.62 level reclaimed as support, based on the volume of demand and Bitcoin’s price movements.
Cardano [ADA] has faced a tough time in the markets in recent weeks. Since the 3rd of November, Cardano has shed 12.7%, falling from $0.61 to $0.532.
This drop meant that the $0.6 level, which had been developing as support, was lost to the bears.
The price drop evolved after a volatile Monday and a steep Bitcoin [BTC] correction. Despite the whale outflows from Coinbase, which signaled accumulation, the selling pressure was overwhelming.
Analysis noted that whales were unlikely to send ADA into recovery, and so it has played out. What is the next Cardano price prediction?
Cardano price prediction shows volatility and bearishness ahead
Source: ADA/USDT on TradingView
On the weekly chart, the price was back at the base of the swing low from June. Additionally, the rally in November 2024 meant that the higher timeframe swing structure (dotted orange) remained bullish.
A weekly session closing below $0.51 would invalidate the bullish reversal idea.
Source: ADA/USDT on TradingView
The daily timeframe structure (yellow) was bearish. The OBV was near the lows from June-July. The weekly and daily timeframe charts suggest that $0.51 is a last stand for the bulls on the higher timeframe charts.
Losing this level would likely take ADA down to $0.32. The Moving Averages captured the strong downward momentum since early October.
Source: ADA/USDT on TradingView
Now that the $0.51 is established as a high-probability bounce area, how high can the bounce go? The 4-hour chart’s OBV was in a persistent downtrend.
The $0.56 and $0.6 areas, highlighted in red, are the overhead supply zones to watch out for. A price bounce to these levels would likely see the downtrend resume.
Source: CoinGlass
Traders should remember that a retest of either resistance level might not immediately see a bearish reaction. There is liquidity at and just above these levels, especially at $0.62. This magnetic zone was dense with short liquidations and could be the next short-term price target.
Therefore, an ADA bounce to $0.62, followed by another bearish move to $0.51 or lower, is likely in November.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
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