Cardano

Online

Bitcoin

Read

Cardano’s ADA token remains range-bound according to a Nov. 28 video analysis by the popular YouTube crypto analyst behind the More Crypto Online channel. 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
 <div class="wp-block-embed__wrapper"> <iframe title="Cardano ADA Price News Today - Elliott Wave Technical Analysis and Price Now! Price Prediction!" width="1020" height="574" src="https://www.youtube.com/embed/B_MePTNhfgY?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
 </div>
</figure> 
The analyst noted that ADA has avoided making new price highs or lows in recent days, remaining stuck between key support and resistance levels that have formed a apparent triangle pattern on its price chart. 
<blockquote class="wp-block-quote"> 
 It’s still caught in an overall triangle structure. If it’s an Elliott Wave triangle or not, we will see, but it certainly looks like it. Certainly it’s range bound and bound by these trend lines. 
</blockquote> 
While uncertain if the pattern qualifies as a technical Elliott Wave triangle, the analyst believes a volatile price move is due soon given how ADA is continuing to move towards the apex of the triangle. 
 You might also like: <a href="https://crypto.news/analyst-believes-bitcoin-to-go-parabolic-soon/"> Analyst believes Bitcoin to go ‘parabolic’ soon </a> 
The primary scenario the analyst is watching for is “one more high in a wave five” to complete the A wave of a larger corrective structure, which would be followed by a B wave pullback and then a C wave pushing to new highs. This would confirm that a lasting cyclical low was put in place in June. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="485" src="https://crypto.news/app/uploads/2023/11/image-35-1024x485.png" alt="Cardano &quot;coiling up&quot; says analyst, warning of pending volatility - 21" class="wp-image-14221183">
</figure> 
As long as ADA holds above key support around $0.29, the analyst’s preferred “yellow wave count” remains valid. A drop below $0.29 would force reconsideration of the structure. The other possibility is a more direct rally from the current triangle consolidation pattern. 
The analyst stressed the need to watch for a breakout above $0.40, which would signal the start of a new uptrend. A clear move above $0.41 would confirm the breakout and triangle completion, opening the door for renewed upside. Until such a breakout though, the range-bound consolidation seems likely to continue per this analyst’s perspective. 
<blockquote class="wp-block-quote"> 
 I still need to see a break above at least 40 cents to have an indication that we have a successful breakout and above 41 cents for the breakout confirmation. Essentially to keep it simple, above 29 cents, the yellow wave count is the primary scenario with one more high to come. The lower we go and get closer we get to 29 cents, the better the reward to risk ratio, but there is a chance from here to rally more directly from this triangle pattern. There’s just no evidence it’s doing that now. 
</blockquote> 
 Read more: <a href="https://crypto.news/undervalued-cryptos-to-consider-in-november-xrp-cardano-and-everlodge/"> Undervalued cryptos to consider in November: XRP, Cardano, and Everlodge </a>

Cardano “coiling up” says analyst, warning of pending volatility

crypto.news

Other articles published on Nov 28, 2023

Gold Price Set To Surpass Record Highs in 2024

A Court in the USA Made a New Decision in the Terra (LUNA) Case and Accepted the Request from the...

ARK Invest Seizes Opportunity, Sells $5.3 Million in Coinbase Shares as Stock Price Surges

Cardano Founder Charles Hoskinson Refutes Traditional ICO Model, Questions Bitcoin

Coinbase CEO thinks Binance settlement is good for crypto

New Spanish tax laws require declaration of crypto assets on non-Spanish platforms

Join our free newsletter for daily crypto updates!