Cardano Price Prediction – Trade Symmetrical Triangle Breakout at $2.12
Arslan Butt•Tuesday, November 9, 2021•2 min read
Cardano’s price prediction remains bullish over the $2.1270 level. Yesterday, ADA/USD closed at $2.0185 after hitting a high of $2.0340 and a low of $1.9750. ADA/USD maintained its consolidated momentum for the fourth consecutive session and gave almost flat movement for the day, with minor gains on Sunday.
The price action of Cardano remained constricted and flat over the weekend as the last significant move for ADA was seen on October 27th, when the price fell from $2.13 to $1.90. Since then, ADA/USD has been struggling to maintain the $2.000 level.
ADA/USD
Over the weekend, Cardano lost its position as the fourth-largest cryptocurrency by market cap after Solana gained more market cap and replaced it. Cardano’s market cap stands at $66.39 billion, and on Saturday, Solana reached a market cap of $70 billion and became the fourth largest cryptocurrency in the world. This news also added pressure on ADA/USD prices, but the coin did not experience massive variation as investors found it hard to break the $2.0 level. The prices have been consolidating throughout the week amid the indecisive behavior of market participants and the absence of any significant news surrounding the Cardano ecosystem.
On the other hand, the U.S. dollar was also low on Friday after touching its highest in more than a month as the data released on the day favored the currency. The NFP data suggested a job creation of 531K against the expected 455K and supported the U.S. dollar, which also weighed on ADA/USD as both share a negative correlation. The unemployment rate also fell to 4.6%, against the expected 4.7%, and supported the greenback, which ultimately capped gains in ADA/USD.
The DXY, which measures the greenback value against the basket of six major currencies, fell to 93.62 levels from 94.62 levels on Friday, which added gains in ADA/USD.
Cardano Price Prediction – Symmetrical Triangle Breakout
The ADA/USD pair is trading sharply bullish at 2.17 level, having violated the symmetrical triangle pattern at 2.10 level. A bullish breakout of 2.12 level is likely to lead Cardano towards the 2.2549 level. This level is being extended by a double top pattern at 2.2549 level.
Daily Technical Levels
Support Resistance
1.9844 2.0434
1.9502 2.0682
1.9254 2.1024
Pivot Point: 2.0092
On the lower side, Cardano’s immediate support prevails at the 2.1270 level, and violation of this level can extend the selling trend until the 2.0500 level. Let’s consider staying bullish over the 2.1270 level on Tuesday. Good luck!
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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